The error message Wrong device or passphrase is displayed when the connected Ledger hardware wallet does not have the private key that matches the selected account in Ledger Live. This can have several causes.
The account is linked to a 24-word recovery phrase that is different from the one set up on the connected Ledger hardware wallet. This may happen when you have (accidentally) reset your Ledger hardware wallet and have written down a new recovery phrase instead of restoring your existing one.
In this case, you will first have to reset your Ledger hardware wallet and then restore it from your previous 24-word recovery phrase. This article explains how to do that: Restore from recovery phrase
Multiple hardware wallets?
You may have multiple Ledger hardware wallets that each manage their own set of accounts. In this case, the error message indicates that you may need to connect another of your hardware wallets to proceed.
The account is protected by a passphrase that does not match the passphrase set on the connected Ledger hardware wallet. The passphrase functionality makes a completely new set of accounts. If the account in Ledger Live is protected with a passphrase, the same passphrase must be set on the Ledger hardware wallet in order to manage the account in Ledger Live. The following article explains how the passphrase protection works: Advanced passphrase security.