After extracting sqldeveloper-1.5.4.59.40.zip and executing sqldeveloper.exe, I received following error

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Oracle SQL Developer
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Unable to create an instance of the Java Virtual Machine
Located at path:
<SQLDEVELOPER>\jdk\jre\bin\client\jvm.dll
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OK  
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Resolution for this error which works for me, as follow :-

Open ide.conf file from

<SQLDEVELOPER>/jdev/bin/ide.conf
or
<SQLDEVELOPER>\ide\bin\ide.conf


In this file, change this line :
AddVMOption -Xmx512M

by

AddVMOption -Xmx256M

Now, the executable is lauching correctly. No more errors with Java Virtual Machine.

Also check the diskspace where sqldeveloper is extracted and available RAM.
You may need to revert back in future if there is no more issue with original file's setting.