Running vendorconemu-maximus5ConEmu.exe is working correctly, though with the ConEmu icon rather than the cmder icon, as you would expect.
Windows 10 Enterprise.

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I had the same when accidentally tried to start conemu as admin through explorer menu settings->compatibility>start as admin. Reinstall did not help.
So i go to regedit and by F3 find all conemu and cmder entries and remove them. Then cmder works again.
Actually i think critical thing was to remove in regedit key that relates to starting conemu as admin.
Try to wipe in regedit everything that relates to cmder and conemu (few entries).
I am using the zipped version from the cmder site. I had this issue and did what @antivitla suggested, but I was still having the issue afterwards. I had to delete the whole cmder folder and unzip again and start from scratch my setup. Hope it helps.
UPDATE: Now when it suggests me to update the version, 7zip fails because it cannot open ConEmu64.exe.
Having the same issue.
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Solved the problem by removing a key related to running ConEmu as admin (not Cmder) in HKEY_CURRENT_USER\Software\Microsoft\Windows NT\CurrentVersion\AppCompatFlags\Layers. Also, I've created a key to properly run Cmder as admin (useful when run from explorer right-click context), with the Cmder executable path as key, and ~ RUNASADMIN as value.
I had this problem on Win 10 Enterprise immediately after installing 1.3.2 but only after doing the auto update for ConEmu. During the update 7zip gave an error: "Can not open output file : Access is denied. : C:...CMDervendorconemu-maximus5ConEmu64.exe"
I resolved it by downloading the portable stable zip of ConEmu and unzipping to vendor\conemu-maximus5, replacing the existing version entirely. I note that when it was broken ConEmu64.exe was missing from this folder but in re-installing ConEmu it was created.
@MrkGrgsn thanks for your comment. It save my day.
Most helpful comment
I had this problem on Win 10 Enterprise immediately after installing 1.3.2 but only after doing the auto update for ConEmu. During the update 7zip gave an error: "Can not open output file : Access is denied. : C:...CMDervendorconemu-maximus5ConEmu64.exe"
I resolved it by downloading the portable stable zip of ConEmu and unzipping to
vendor\conemu-maximus5, replacing the existing version entirely. I note that when it was brokenConEmu64.exewas missing from this folder but in re-installing ConEmu it was created.