I started getting the OP's error after updating my iPhone to iOS 13.5.1. Here is what worked for me to resolve the issue:
- Unpair the iPhone (as per answer from @Jeff above).
- Upgrade Xcode to latest, in my case 11.5 (which I believe is the first version of Xcode to support building to iOS 13.5.
- NEW: I launched Xcode after updating to 13.5 which prompted me to "Install additional required components" which I did.
Xcode extra step after updating
- Reconnect/pair iPhone in Xcode's Devices window and Trust the computer.
- NEW: After pairing the iPhone make sure you check the "Connect via Network" checkbox for the newly paired iPhone. By default Connect via Network is unchecked.
Important step after re-pairing device
The "NEW" steps are not steps I've seen in previous answers, so I posted this answer.