When working on a project locally you might find that you need to test or change a favicon (the icon used in the tab bar of the browser).
Google Chrome seems to maintain a standalone cache for favicons. Flushing the browsers cache (you can force a cache refresh by hitting CTRL+F5) or opening the page in an incognito window will use the same cache and show you the old asset.
In some instances loading the favicon directly and refreshing it and restarting Chrome will clear the cache and show the new asset.
For example — visit https://domain.tld/favicon.ico, refresh the page and restart Chrome.
If an icon is still incorrect you can manually clear the files in the cache.
In OSX the cache file is located at
~/Library/Application Support/Google/Chrome/Default/Favicons
In Windows the cache is located at
C:\Users\username\AppData\Local\Google\Chrome\User Data\Default
Navigating to the directory and removing the files and restarting should force Chrome to show the latest icon