If you try to run 32-bit applications on IIS 7 (and/or 64-bit OS machine), you will get the same error. So, from the IIS 7, right click on the applications’ application pool and go to “advanced settings” and change “Enable 32-Bit Applications” to “TRUE”.
Restart your website and it should work.
Somehow, the Build checkbox in the Configuration Manager had been unchecked for my executable, so it was still running with the old Any CPU build. After I fixed that, Visual Studio complained that it couldn’t debug the assembly, but that was fixed with a restart.