Unity 5.3.0f2 or newer (does not repro with Unity 5.2.x)
Editor running in batchmode (does not repro in the Editor GUI)
ASTC Texture Compression (may not be related?)
A texture in the project with the following properties -- Size: Non-Power Of Two (NPOT), TextureType: "Editor GUI and Legacy" (textureType 2), TextureFormat: "Compressed" (textureFormat -1)

Repro:
The project includes 2 textures, “crash.psd”, which meets all the above requirements, and “nocrash.psd”, which is the same texture except it has been resized to be a power of two texture. (16x17 vs 16x16).

Adjust the following editor/project paths as necessary and run the following from a command prompt:
"C:\Program Files\Unity\Editor\Unity.exe" -batchmode -nographics -projectPath C:\ImportTest/ -logFile log.txt -executeMethod OculusBuildApp.SetAndroidTarget -quit