Nested trial and error in if-else condition
Some notes:


g: use meaningful names.
Don't mix code with parentheses and without.
Check the pattern Object#presence.
# if no address found, ...: declarative code makes this kind of comments unnecessary.


I'd write:

results = Geocoder.search(address).presence || Geocoder.search(latitude, longitude)
if results.present?
  # save
else
  log.info("Geocode failed for addr='#{search}' and coords=#{latitude}/#{longitude}")
end