Trying to play Blu-ray disk via VLC media player produces following error:

Blu-ray error:
This Blu-ray Disc needs a library for AACS decoding, and your system does not have it.
Your input can’t be opened:
VLC is unable to open the MRL ‘bluray:///F:/’. Check the log for details.

To resolve head to vlc-bluray.whoknowsmy.name and download two files: KEYDB.cfg and libaacs.dll.

Place KEYDB.cfg in %APPDATA%\aacs folder. Normally:
C:\Users\<username>\AppData\Roaming\aacs
AppData folder by default is hidden in Windows.

Place libvlc.dll in VLC installation folder. Normally:
C:\Program Files\VideoLAN\VLC
or
C:\Program Files (x86)\VideoLAN\VLC
If you have 64bit Windows version and VLC is installed in C:\Program Files (x86)\VideoLAN\VLC, download 32bit version of libvlc.dll. And if VLC is installed in  C:\Program Files\VideoLAN\VLC, download 64bit version of libvlc.dll.

In case the above website becomes unavailable you can download 32bit Windows version of both files from here.

Windows 7 64bit
VLC Media Player  2.1.1
12.2013