Firstly close any open projects and close the Android Studio IDE completely.

Then delete the Corrupted Cache Manually by navigating to the folder specified in the error message:

*C:\Program Files\Android\Android Studio\jbr\caches\transforms-4* (In my case)

You can delete the entire transforms-4 folder to force Android Studio to regenerate the cache.

Now start up your Android Studio. It will generate new folder again, this time without any errors.