This happens when you have installed the wrong version of the DevKit for your version of Ruby, e.g., if you installed DevKit-mingw64-64-4.7.2-20130224-1432-sfx.exe
into Ruby version 1.9.3.
To correct the problem, reinstall Ruby and install the correct DevKit for your version of Ruby, as indicated in the section titled “Which Development Kit?” at http://rubyinstaller.org/downloads.