Had this problem too but my issue was that RCTFBSDK specifically looks in the ~/Documents/FacebookSDK path with a non-recursive setting. To check if you have the same problem, open your Libraries folder and RCTFBSDK.xcodeproj folder. Check if the Frameworks are red
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If they are, click on them and in the right sidepanel, change the location to where you store the SDK. I store my Facebook SDKs by version number so that was what caused the problem. For example, version 4.12 is stored in ~/Documents/FacebookSDK/4.12, so RCTFBSDK could not find the correct *.framework.
Also, click on the RCTFBSDK.xcodeproj and add ~/Documents/FacebookSDK with a recursive setting to the Framework Search Paths. It should compile without issues after this.