OK Jon, I have had a quick play and really cannot put more time in right now. More info here than you requested and more than is even vaguely helpful but I am pressed for time.
And its not good news.Downloaded , unzipped and built Lazarus-fixes_4. Created a config dir. Start it up, get carefully discuised error message
$> cd bin/Lazarus
$> unzip /Users/dbannon/Downloads/lazarus-lazarus-fixes_4.zip
$> cd lazarus-fixes_4
$> make clean bigide
....
$> ls -la lazarus.app/Contents/MacOS/
total 0
drwxr-xr-x@ 3 dbannon staff 96 4 Jan 20:03 .
drwxr-xr-x@ 6 dbannon staff 192 4 Jan 20:03 ..
lrwxrwxrwx 1 dbannon staff 16 15 Mar 17:25 lazarus -> ../../../lazarus
So, in this case, the lazarus.app points to a binary, "lazarus" that is in the same directory as the lazarus.app dir. And that is because thats where Lazarus wants to make its binary.
$> mkdir ../LazConfigs
$> cat > lazarus.cfg
--pcp=/Users/dbannon/bin/Lazarus/LazConfigs/lazarus-fixes_4 { Ctrl-D }
$> run ./lazarus.app
$> open ./lazarus.app
The application cannot be opened for an unexpected reason, error=Error Domain=NSOSStatusErrorDomain Code=-10827 "kLSNoExecutableErr: The executable is missing" UserInfo={_LSLine=3863, _LSFunction=_LSOpenStuffCallLocal
We all know Apple lies here, the OS knows very well whats wrong with the app, it set a quarantine flag on the app dir.
Remove quarantine attribute. Start again.
$> xattr -drv com.apple.quarantine *
$> open ./lazarus.app lazarus.app
Open up lazarus, necessary to set the debugger. Must select just lldb rather than /usr/bin/lldb but otherwise OK. So I add a package, in my case, KControls, it builds and attempts to restart, nothing happens.
So, as an experiment, I rebuilt Lazarus telling it to use its existing config (wondering if all that config for KControls was correctly written).
$> make clean useride
$> open ./lazarus.app lazarus.app
And it all opened up nicely with KControls installed. That definitely proves its not a package issue, its something to do with the way that Lazarus is rebuilding itself.
So, the relevant files and directories do not seem to have any unexpected attributes. I have to conclude that Lazarus, new in -fixes_4, does something funny with the open command, as you error message suggests. I have no idea what and honestly, don't have time to expirment any more.
I note someone else has posted a message about what might be the same issue (with Lazarus 3.

but I suspect its just the quarantine issue. Pity he did not look around first.
I thought this problem was isolated to your M* and newest OS, seems I was wrong seeing on my older system. I have, recently, been using 4.0rc1 for my apps release. Its been working OK. Are you using fixes_4 or 4.0rc1 ? If what was working OK is now no longer working, are we looking at an Apple Update ?
Sorry Jon, I must stop here. Will be away from home with only my Linux Laptop. Away for nearly a month with quite patchy net access if any I am afraid.
Davo