Lipo Error!! can't open input file

I got it to work, I just made a simple change in my Project target-> Build setting-> Build Active Architecture only and set this Build Active Architecture only to YES. And it's working fine now..

update After 6 months:

Again i face this issue after updating to Xcode5. This time i have to update Project target-> Build setting->Valid Architecture to armv7. I removed armv7s and arm64.

By Setting "Enable Bitcode" to "No" works for me.

Now i able to Run on Device and submit to App store as well.

Note that I got this when switching from Carthage to CocoaPods. Solution was to delete the "Remove Unneeded Architectures" in the Build Phases section.