I simply want to run an executable from the command line, ./arm-mingw32ce-g++, but then I get the error message,
bash: ./arm-mingw32ce-g++: No s
I had the same error message when trying to run a Python script -- this was not @Warpspace's intended use case (see other comments), but this was among the top hits to my search, so maybe somebody will find it useful.
In my case it was the DOS line endings (\r\n instead of \n) that the shebang line (#!/usr/bin/env python) would trip over. A simple dos2unix myfile.py fixed it.