DIAGNOSIS That's the Airwrap's overheat protection kicking in way too early, usually because the filter is clogged solid. It thinks it's overheating even when it's cold.
FIX First, unplug it and let it cool completely (overnight is safe). Then, locate the circular filter at the base of the handle, right above the cord. Twist the filter cover counter-clockwise to remove it. Gently pull out the foam filter and wash it with cold water—no soap, just rinse until the water runs clear. Squeeze it out (don't wring) and let it air-dry for at least 24 hours. Pop it back in, twist the cover on, and try again.
IF THAT DIDN'T WORK If it still flashes and dies, there might be a fault with the thermal fuse inside the handle. This isn't user-serviceable. Your move is to contact Dyson support—this is a known issue they often handle under warranty or for a repair fee.
HEADS UP Never use the machine without the filter installed. Running it with a wet filter can also cause damage, so that 24-hour dry time is non-negotiable.