This error indicates that there are some missing components in the Android SDK Tools!
In my case, for some reason, Avast Antivirus recognizes the tools / emulator -arm.exe as a threat and puts it in a virus chest! It started since I updated the SDK manager and everything to the last (tools 23.0.5)
As soon as I restored the emulator-arm.exe file and disabled Avast for 10 minutes, I was able to start the emulator without problems!
Note. I tried to add the file as an exception in Avast AV, but it still deletes the file from my system.
Check if the SDK Tools installation is complete and updated (delete first?) All or at least the "Tools" section in the SDK manager!
I hope this helps!
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