Yep, I also get the error with a 512 swap. Extending it to 1024 doesn't help.
Free Pascal Compiler version 3.1.1 [2016/11/07] for arm
Copyright (c) 1993-2016 by Florian Klaempfl and others
(1002) Target OS: Linux for ARMHF
(3104) Compiling lazbuild.lpr
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(84,48) Hint: (5024) Parameter "Filename" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(81,45) Hint: (5024) Parameter "Code" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(82,21) Hint: (5024) Parameter "Filename" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(101,38) Hint: (5024) Parameter "DlgType" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(101,65) Hint: (5024) Parameter "Buttons" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(102,44) Hint: (5024) Parameter "HelpKeyword" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(104,39) Hint: (5024) Parameter "DlgType" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(104,66) Hint: (5024) Parameter "Buttons" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(105,45) Hint: (5024) Parameter "HelpKeyword" not used
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(617,97) Hint: (5091) Local variable "InheritedOptionStrings" of a managed type does not seem to be initialized
(9022) Compiling resource ../units/arm-linux/nogui/lazbuild.or
An unhandled exception occurred at $00079B9C:
EStringListError: List index (7) out of bounds
$00079B9C
$00090154
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(1870,1) Error: (9029) Error while compiling resources
/usr/local/lazarus/trunktmp/ide/lazbuild.lpr(1870,1) Fatal: (10026) There were 1 errors compiling module, stopping
Fatal: (1018) Compilation aborted
Makefile:4010: recipe for target 'lazbuild' failed
make[2]: *** [lazbuild] Error 1
make[2]: Leaving directory '/usr/local/lazarus/trunktmp/ide'
Makefile:4437: recipe for target 'lazbuilder' failed
make[1]: *** [lazbuilder] Error 2
make[1]: Leaving directory '/usr/local/lazarus/trunktmp/ide'
Makefile:3221: recipe for target 'lazbuild' failed
make: *** [lazbuild] Error 2