2016-10-13: ChromeDriver v2.24 has been released which supports Chrome v52-54. (Thanks @Anton)
2016-08-16: One of the recent updates to the Chrome Dev channel introduced a bug preventing ChromeDriver from properly starting. Having just worked around the same problem, I would suggest backing up your data and reverting to the Beta or Stable release channel of Chrome. See the Chrome Release Channels for more details on safely switching.
Alternatively, switching to the Dev version of ChromeDriver should also fix the issue. From a closed issue on the chromedriver project:
There are some Devtool changes in Chrome dev channel v54 which is not currently supported in Chromedriver stable v2.23.
You may want to use dev version of Chromedriver which has the fix. It can be downloaded fromchromedriver…/continuous/….zip
Review the issue for the full link.