This will happen if:
All buffer gets have been suspended. This could happen when a file was read-only and is now read/write. All the existing buffers must be invalidated since they are not linked to lock elements (needed when mounted parallel (shared)). So cache buffers are not assigned to data block addresses until the invalidation is finished.
The session moved some dirty buffers to the dirty queue and now this dirty queue is full. The dirty queue must written first. The session will wait on this event and try again to find a free buffer
This also happens after inspecting free buffer inspected buffers. If no free buffer is found, Oracle waits for one second, and then tries to get the buffer again (depends on the context). For more information, see free buffer inspected.
Wait Time: 1 second
See Also:
Oracle Database Performance Tuning Guide for more information about this wait event
Oracle Database Performance Tuning Guide about potential causes of this wait event