Every time I've seen this happen it's been a cap in the PSU blowing up, but inspect everything else carefully.
Amusingly, each time this happened the office PCs also ran fine until the now open-topped cap finally dried up, usually not until the next day. As the others are worried about, this can generate a whole lot of ripple to damage other components so you really shouldn't continue to run an expensive enthusiast PC like this.
I've had power mosfets blow up too during burn-in testing, with lots of exciting flying shrapnel, but you don't get the bright flash