This appears to be a pretty known error. The only problem is, no solution seems to fix it. Lately I have been trying to download a few trials for software such as Little Snitch and Ableton(they both are amazing products from what I have heard). The only issue is for both of them the Disk Mounter gives me an error "No Mountable File Systems". This just started recently so I really have no idea what is going on. I tried opening them with Disk Utility as well and I get the same error. I also tried terminal commands and got the same error. There really seems to be no winning on this one. I really need to fix this ASAP.
I finally tracked down my "no mountable file systems" errors to com.lexar.driver.LexarFilterScheme - this is installed as part of a Lexar Jump Drive's secure II vault driver that my work requires me to use. Doesn't seem to be a newer version on Lexar's site.
The purpose of this exercise is to determine whether the problem is caused by third-party system modifications that load automatically at startup or login. Disconnect all wired peripherals except those needed for the test, and remove all aftermarket expansion cards. Boot in safe mode and log in to the **** with the problem. The instructions provided by Apple are as follows:
No I contacted the company Ableton and they gave me a few things to try, none of them worked. I also used like 5 different places to get these trials and downloaded them like 5 times for each source.
Boot from your Lion Recovery HD. When the recovery menu appears select Disk Utility. After DU loads select your hard drive entry (mfgr.'s ID and drive size) from the the left side list. In the DU status area you will see an entry for the S.M.A.R.T. status of the hard drive. If it does not say "****" then the hard drive is failing or failed. (SMART status is not reported on external Firewire or USB drives.) If the drive is "****" then select your OS X volume from the list on the left (sub-entry below the drive entry,) click on the First Aid tab, then click on the Repair Disk button. If DU reports any errors that have been fixed, then re-run Repair Disk until no errors are reported. If no errors are reported, then quit DU and return to the main menu. Select Restart from the Apple menu.
Restart the computer and after the chime press and hold down the COMMAND and R keys until the menu screen appears. Alternatively, restart the computer and after the chime press and hold down the OPTION key until the boot manager screen appears. Select the Recovery HD and click on the downward pointing arrow button.
Tried your solution, unfourtunatly no go. Everything according to the Recovery HD was in tact. I also downloaded a few other programs and they worked fine. Is there a compatibility issue that recently surfaced on OS X Lion? I mean I meet all the requirements but it still doesn't work. Might have to reformat. Also I have high speed internet so I should have no issues.
Well I'll just be doggoned. The problem started suddenly for me - nothing fixed it. Pretty much every post on the subject referred to user error, and how we were all doing it wrong. Finally I read Matthew's post about the Lexar software, which I had installed along with a Lexar thumb drive some time ago. Solved my problem immediately.
The recent updates i would say the last 2-3 minor updates seem to have made lion unstable alot of my programs that used to work no longer work after the updates and it also caused my **** to get corrupted.
Thank you for posting your finding as it solved my "no mountable file systems" errors also. I used your resolution as I too had a Lexar thumb drive. Like you discovered as soon as I deleted the .kext file I was able to mount and load a couple of Garmin GPS updates and new maps. I had contacted Garmin via emails and their suggestions was to download the files again as they might be corrupted and /or contact Apple, which I didn't do as I wasn't looking forward to that potential circular problem...

