This can also be caused by a race condition while deploying:
If you use Visual Studio's "Publish" to deploy over a network file share, and check "Delete all existing files prior to publish." (I do this sometimes to ensure that we're not unknowingly still depending on files that have been removed from the project but are still hanging out on the server.)
If someone hits the site before all the required JS/CSS files are re-deployed, it will start Application_Start
and RegisterBundles
which will fail to properly construct the bundles and throw this exception.
But by the time you get this exception and go check the server, all the necessary files are right where they should be!
However, the application happily continues to serve the site, generating 404's for any bundle request, along with the unstyled/unfunctional pages that result from this, and never tries to rebuild the bundles even after the necessary JS/CSS files are now available.
A re-deploy using "Replace matching files with local copies" will trigger the app to restart and properly register the bundles this time.