As reported to the FAA. Reports are unverified, and codes are left as the FAA publishes them.
What was found
LEARJET 45 N786CC S/N 095 DLX786 WAS CLIMBING FROM 360 TO 370 AND CLEARED DIRECT TO LAS. WE SAW SMOKE COMING OUT FROM THE CENTER CONSOLE NEAR THE FMS. WE ALSO SMELLED ELECTRICAL SMOKE. WE HEARD A POP AND THE FMS IMMEDIATELY FAILED. WE DECLARED AN EMERGENCY AND DIVERTED TO KLAS. THE FMS WAS NOTICEABLY HOT TO THE TOUCH SO WE PULLED THE FMS BREAKER AS A PRECAUTION. WE LANDED WITH OUT FURTHER INCIDENT.