Yep. Scroll to the bottom of this page...
It's happening because Meteor watches the app files for changes so it can reload the app when you update code in development, but macOS has somewhat low limits on the amount of files that can be watched simultaneously. Running the following commands increases that limit and fixes the error...
echo kern.maxfiles=65536 | sudo tee -a /etc/sysctl.conf
echo kern.maxfilesperproc=65536 | sudo tee -a /etc/sysctl.conf
sudo sysctl -w kern.maxfiles=65536
sudo sysctl -w kern.maxfilesperproc=65536
echo "ulimit -n 65536 65536" >> ~/.bashrc
Note that it's all completely reversible too (in the unlikely event you want to reset things to factory default).