Inicializando Terraform y posteriormente haciendo un terraform plan me ha salido el siguiente error:

Error: Failed to load plugin schemas
│ 
│ Error while loading schemas for plugin components: Failed to obtain provider schema: Could not load the schema for provider registry.terraform.io/hashicorp/aws: failed to instantiate provider
│ "registry.terraform.io/hashicorp/aws" to obtain schema: timeout while waiting for plugin to start..

Resolviendo el problema de la siguiente manera:

I had faced the same issue. The error was a little different tho. I was following the HashiCups provider example.

It happens when initializing it fails to upgrade or detect corrupt cached providers, or if you have changed the version but when you only run terraform init it finds the version in cache and decides to go with it. Delete the terraform directory and lock file, and then init again terraform init -upgrade

If you're on running it on Apple M1 chip, you might as well need to set this:

export GODEBUG=asyncpreemptoff=1;

Vía: Terraform Gives errors Failed to load plugin schemas

Enjoy!!!