Google released an update (r23) to their Android developer tooling. This update has re-arranged the location of certain tools necessary to the Android build process causing builds to fail. Unless you explicitly need to upgrade we recommend you hold off updating until Titanium SDK 3.3.0 is released. However, if you have upgraded, a workaround is available on the linked ticket below.
How to track resolution of this issue?
See TIMOB-17221. Watch this issue for when a fix is checked into nightly builds. The fix is scheduled for Titanium SDK 3.3.0 to be released in mid-July.
How do I fix this problem?
You can download the previous version of the tools: