I've seen reports of this as an Xcode 12/Cocoapods issue that my project didn't have with 12.1 or 12.0. It only popped up when trying to build on my new M1 MacBook Air and Xcode 12. I've tried everything that's been reported to fix it, no dice.
1) I've tried "pod install" & "pod update" with a Rosetta2 version of Terminal. Both complete without error, but Xcode still can't build.
2) I've set excluded architectures to "Arm64" on the project, target and pod project.
3) I've added x8664 and i386 to Architectures for project, target and pod project.
4) I've set all configurations to "Build Active Architecture Only" to Yes.
5) I've even created (and deleted) a "VALIDARCHS" user defined setting with the proper architectures to all three projects.
6) I've cleaned build folder many times and deleted derived data folder completely, and restarted Xcode.
Still I get that same error. I can build to device, which I guess is my only choice at the moment. Anything else I can try?
For the time being, you can remove the pod to continue development until the fix is released.