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These are stored in the File Properties for the file you're debugging, in the .wpu branch of the project file (or .wpr if you're using Wing Personal). You can right click on the file and select Properties and then remove the args under the Debug/Execute tab. Or open the project file from the File menu (not Project menu) in Wing while Wing doesn't have that project open and just search/replace to remove the password.
If you use Named Entry Points, those also can contain run args, but they are also stored in the project so would be found in the same way if you use an editor to remove them.