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.