Thanks for the advice. I guess the error was related the the fact that, under some circumstances, you cannot modify a set of controls during a For...Next loop.
I have revised my code and ended up with the following:
Do While intCurrentItemIndex >= 0
Dim strCurrentItem As String = clbOverviewColumnOrder.Items(intCurrentItemIndex)
For Each col As DataGridViewColumn In frmTimingP2P.dgvOverview.Columns
If col.HeaderText = strCurrentItem Then
If col.Visible = True Then
clbOverviewColumnOrder.SetItemCheckState(intCurrentItemIndex, CheckState.Checked)
Else
clbOverviewColumnOrder.SetItemCheckState(intCurrentItemIndex, CheckState.Unchecked)
End If
End If
Next
intCurrentItemIndex -= 1
Loop