Probably a capacitor. There should be at least a RUN capacitor for Compressor around 45uF and Fan around 7uF. Those are metal. Possibly a plastic Compressor Start capacitor around 100uF along with a cutout device which could be a PTCR or a Relay. If it has a Start Cap, find the cutoff. Either PTCR or Relay could have burned out but no longer be emitting smoke/smell. If the RUN capacitor is bad it may look bloated but may not.
Capacitor failure is much more likely than Compressor failure. To test a cap, you need a meter that reads in uF, or substitute with a known good one.
CAREFUL around caps! Turn the power OFF (breaker to A/C) then short across the terminals with an insulated tool, like a plastic handle screwdriver. They're built to store a charge and can belt you.