This is in the Xcode documentation available from the "Help" menu. Choose "Help" > "Xcode Help", then enter "rename scheme" to find it. Here are the steps:
It will select the name of the scheme and allow you to edit it.
XCODE 9:
Product -> Scheme -> Edit Scheme
Or simply click and hold left mouse button on your project icon (on the right from the run button) and select Edit scheme
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