I am running hackintosh on VMWare and recently when I tried to connect a USB storage device, VMWare gave the following error:

“VMWare Arbitrator Returned Error Code 4"

After a little bit of Googling and some common sense, I came to know the version of VMWare that I am using doesn’t support USB 3.0 or needs a driver in the guest operating system for the support.

The solution:
Connect your USB device through the port that supports USB 2.0 or less and it will work.