I use Visual Studio Team Services to store the source code of my projects as I work on them, I love the service, especially that it is free, but I have been running into the big
I found the error would be triggered when I had more than once instance of VS 2012+ running utilizing Source Control Explorer, Solution Explorer and/or Team Explorer windows. I've not had this problem when running a single instance of VS 2012+ (on updates 2+) utilizing Source Control Explorer, Solution Explorer and/or Team Explorer windows in tandem.
I found this article and gave it's suggestion a shot: to prevent multiple threads from accessing the data store simultaneously. http://blogs.msdn.com/b/phkelley/archive/2013/05/31/tf400030-the-local-data-store-is-currently-in-use-by-another-operation.aspx
This proved to be a remedy for this issue.
I would add for other users with large file repositories, using source control and share this issue, it may be greatly beneficial to create multiple workspaces for each of your branches/repositories. I found that by doing this my queries to TFS sped up immensely and also helped with this error. I found this suggestion here: http://blogs.msdn.com/b/phkelley/archive/2013/05/30/using-multiple-workspaces-with-visual-studio.aspx. I share this as users mention TFS running slowly.