Error while launching the application on device

First try restarting Xcode. If it doesn't work, then try hard reset of your device. This happens to me when I change the bundle identifier of my app.

What finally fixed it for me was restarting the device (after doing everything else everyone recommends here, here Xcode 4 Error: Error Starting Executable here Xcode suddenly stopped running project on hardware: "Could not launch xxx.app: .. No such file.." and here Xcode Developer Preview: Cannot Run on Device

If just restarting Xcode and the iPhone does not help, look at your provisioning profiles. Shift-Command-2 brings it up from within Xcode. You can then select the device and then provisioning profiles within that. Deleting your profiles (mine had numerous similar-looking entries created by Xcode) and then restarting Xcode and the iPhone clears the problem.

If your app is a background app you will need to manually delete the app before deploying the new version. For example, say you've an iBeacon aware app, and mark yourself as a background consumer of Bluetooth Low Energy then the OS keeps some record of your app even when it is not running. This record is not properly cleared out when a new version is deployed (iOS 7.0.4). That will cause the reported error, as well as hang the debug and deployment protocol to the handset. The handset will need a restart.

A hack to sidestep the problem is to change the bundle id of your app to something that the phone has not seen. Then it deploys to the handset as a newly seen app avoiding problems from references to the old app.

With XCode 5 beta, an Hard reset of the device was needed to solve the problem.