Cannot launch EC2 instance uses IAM Instance profile ARN

Configure Clouds
Amazon EC2
Name: OnDemand
Use EC2 instance profile to obtain credentials (checked)
Region: us-west-2
Test Connection: Success

......
IAM instance Profile
arn:aws:iam::123456506263:instance-profile/ec2_profile

Errors:

Caught unhandled exception with ID a00810bb-c02a-43ca-84b7-07ad8cce5bdf
com.amazonaws.services.ec2.model.AmazonEC2Exception: You are not authorized to perform this operation. Encoded authorization failure message: mrDSzllDQJ3A7Bm2ljBFaL_81-41cs5hrs_ozEiNq6kyR1Wt_Mb1oUhdyGiWQ3oqVLW4HoivSEizldZMdnpYwif1ZbI_2FuoW0bQpEXXXA9vbBPOBvvgndgj-6EaRJJsNfgOSkkkIJgRtFiE4F6PcJlgindCgplSnwtDPFceTye720K9wQh-DmUcCjYfdziayz43xmioi0TE5UtqHIk_jlXW0OqI9V35ldUBRhLDXg3eh4-NClKFAE28BxaUOZ2BUJXmXY6C63dNYirhdN73cO63IYdEDqwAbXzU5AKJ6RBPIUT0DZylTQpUc_pDPaKFGWEPfkbI6QavZP8miV_nziozqVjyTi9vzJvnmBvxdkZpQKk_FrUFoUqKy3nHwqag2c7gmkuwtrwKWRlRtzRjwl9PWnMlTLLKxI_WrRYifjGsBIay0TOx5CGSF0gTtJ45UGPVf1DPQMYB8bugUzS2COVh97qqHe_XKnjAygUb9lUymntvaKlarFplDTt3Jok4Iwhnigukfc2dYb4Yt9-Ul2y0558 (Service: AmazonEC2; Status Code: 403; Error Code: UnauthorizedOperation; Request ID: 64d2d277-c654-4860-9e11-3e32a9d6f959; Proxy: null)
at com.amazonaws.http.AmazonHttpClient$RequestExecutor.handleErrorResponse(AmazonHttpClient.java:1879)
at com.amazonaws.http.AmazonHttpClient$RequestExecutor.handleServiceErrorResponse(AmazonHttpClient.java:1418)

Note: I am able to launch an EC2 instance with the profile, arn:aws:iam::123456506263:instance-profile/ec2_profile at AWS console.