Xcode 7.2 no matching provisioning profiles found

Keep quitting Xcode until the damn thing works.

Try restarting XCode first, before trying these other answers. I was about to follow the advice given in other answers, then noticed multiple people saying that restarting XCode was necessary after all the steps. All I did was restart XCode and it fixed the problem. Who knows if it'll fix the problem for you, but it's worth a shot before trying the other solutions. I'm on XCode 7.2.1.

I also had some problems after updating Xcode.

I fixed it by opening Xcode Preferences (⌘+,), going to Accounts → View Details. Then select all provisioning profiles and delete them with backspace (note: they can't be removed in Xcode 7.2). Restart Xcode, else the list doesn't seem to update properly.

Now click the Download all button, and you should have all provisioning profiles that you defined in the Member center back in Xcode. Don't worry about the Xcode-generated ones (Prefixed with XC:), Xcode will regenerate them if necessary. Restart Xcode again.

Now go to the Code Signing section in your Build Settings and select the correct profile and cert.

Why this happens at all? No idea... I gave up on understanding Apple's policies regarding app signing.