Technical Description of OBD-II Trouble Code
The RPM of the Idle Air Control System is Higher Than Expected
What is the meaning of P0507?
This diagnostic trouble code (DTC) is a generic powertrain code that is applicable to OBD-II equipped vehicles. Although it is a generic code, the specific repair steps may vary depending on the make and model of the vehicle. Anecdotally, this code appears to be more commonly found on Chevrolet, VW, Nissan, Audi, Hyundai, Honda, Mazda, and Jeep vehicles.
This P0507 code is triggered on vehicles that have electronic throttle control, meaning they do not have a regular throttle cable connecting the accelerator pedal to the engine. Instead, they rely on sensors and electronics to control the throttle.
In this case, the P0507 DTC (diagnostic trouble code) is triggered when the PCM (powertrain control module) detects an engine idle speed that is higher than the desired (pre-programmed) RPM. For GM vehicles and possibly others, if the idle speed is more than 200 rpm higher than expected, this code will be set.
Here is an example of an Idle Air Control (IAC) valve:

Potential Symptoms
You will likely notice that the idle speed is higher than normal. There may also be other potential symptoms. When trouble codes are set, the MIL (malfunction indicator lamp), also known as the check engine light, will illuminate.
Causes
A P0507 DTC trouble code may be caused by one or more of the following:
Possible Solutions
This DTC is more of an informational code, so if there are any other codes set, it is recommended to diagnose them first. If there are no other codes, inspect the intake air system for air or vacuum leaks and damage. If there are no symptoms other than the DTC itself, simply clear the code and monitor whether it returns.
If you have an advanced scan tool that can interact with the car, you can command the idle to be higher and lower to see if the engine responds appropriately. Also, check the PCV valve to see if it is blocked and needs to be replaced. If equipped, verify the operation of the IAC (idle air controller). If available, try swapping in a new throttle body to see if that resolves the issue. On Nissan Altimas and possibly other vehicles, the problem may be resolved by having the dealer perform an idle air relearn procedure or other relearn procedures.
Further Reading
Other related DTCs: P0505, P0506