Hi, thank you for contacting JustAnswer.com. My name is***** will do my best to provide the right answer to your question.
What you report, a burning or hot-components smell, along with orange flakes, must be owing to a defective, overheating, fuser unit.
The fuser unit is at the end of the path the paper (when it is printed upon) takes through the printer. It heats up the toner powder, melting it slightly so that it adheres to the page.
If it overheats, the metal roller in it might oxidize (causing orange flakes of rust, essentially) as well as produce a burning smell.
This diagnosis is only slightly uncertain. So, turn Off the printer at once, wait at least 20 minutes (so that the hot fuser may cool down enough to not burn your fingers when you touch it) and then look at / examine / smell the fuser unit, and its rollers (which may be encased in a felt-covered plastic case.)
It may well need replacing.* Let me know what you find, please, and I will advise you further. Thanks.
*(If so, it may be had at several outlets online, such as this one: