'93 Fastrike 175
Model: VJ175GLETG
Serial: G03248554

I was minding my own business, fishing this weekend, when I looked back to see smoke rolling out from under my cowling. The source was under the cover with the red "x" on it:

If you take the cover off, this is what you see. Wire #1 was the hot one, and it also burned thru wires #2,3. All three wires (and some others that didn't appear to be harmed) connect to the rectangular part that is directly below #1 in the picture and held on by four bolts.

Here's a closer view. Wire #4 looks to have had some of its insulation burned off, too.

Anyway, can you tell me what this rectangular part is, and do you have any idea what may have caused wire#1 to get so hot? The motor still ran after I taped off the hot wire, but it appeared to burn excess oil. Thanks for any info.