As seen in log output from a user here
dart-lang/build#4154 (comment)
PathNotFoundException: Directory listing failed, path =
'c:\<relative_path>\my_app\build\flutter_plugin_android_lifecycle\.transforms\7573d8baf3c927daa48180e573b62867\transformed\bundleLibRuntimeToDirDebug\bundleLibRuntimeToDirDebug_dex\io\flutter\embedding\engine\plugins\lifecycle\*' (OS, errno = 3)
the watcher throw a "not found" error, this is caused by a directory being created and deleted before the watcher lists it.