I was just updated my last Android Studio and got this error:
failed to create jvm error code -4 JVM Path: C:\\Program Files\\Java\\jdk1.7.0_45\\jre
I have rechecked the java path but its not working in my case. So I deleted the Android Studio settings folder in my user folder.
C:\Users\my_username.AndroidStudio
Then re-open Android Studio then everything work fine for me.
In some case is in C:/Users/my_username/.AndroidStudio3.0/studio64.vmoptions.