Salesforce Error 'Value does not exist or does not match filter criteria' When Saving a Record

Why am I getting the Error: Value does not exist or does not match filter criteria

The default error message for an invalid filter lookup data is "Value does not exist or does not match filter criteria". Users will get this error message any time they try to save a record with any value if a lookup field does not meet the filter criteria.
 

Example

Scenario: Your custom Lookup Filter field in the Opportunity Object to a User has a filter that requires the User to be active. 

How to get the error: Someone attempts to edit the Opportunity record and the user that is listed in your lookup field has become inactive since the last time this record has been edited. In this case, the error will display.

Additional Considerations

• Filter Lookup validation will trigger even if the field is not in the page layout.  Therefore, if a user cannot see the field due to field-level security or page layout security, the filter validation will still run.
• If there is a Master-Detail field on the record, you may need to check the linked record in the Master object to ensure it is valid, and not experiencing an error on Edit and Save.
• For more detailed considerations, see Considerations for Lookup Filters in Salesforce Help.