The error code assumes that you have thrown a very large number of builds on the Elastic Beanstalk environment. Try logging into your AWS console and navigating to Elastic Beanstalk , and using the Actions button for your application, select View Application Versions .
Most likely, here you will find 500 different versions of your application. Select as many old ones as you like and do Delete to delete them. Then you can continue.
(Of course, if my guess is correct, a more interesting question is how you managed to download 500 different versions of your application. I don't run Ruby on Rails, so I'm not too familiar with this environment ...)
Good luck
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