If you have found no sign of burned components on the motherboard or other exposed interior parts I would suspect that an internal component of the power supply unit has failed. The resulting smoke would be quickly blown out of the machine by the power supply’s fan, as you describe, and leave no visible evidence unless the power supply is opened and examined.
It is not uncommon for a power supply to fail and it is easy to replace. There are different types of power supplies. If you attempt to replace it yourself, make sure that the new one is the correct type for your machine.