Yes. The motor is overheating. Unplug the unit immediately.
Fix: Let the power base cool down completely in a well-ventilated area for at least an hour. Do not use it. The cause is likely overloading. You ran it for too long or with ingredients that are too thick.
If that didn't work: After it cools, try a simple test with just water. If the smell persists during a short blend, the motor may be damaged.
Heads up: This is a serious safety warning. Continuous overheating can damage the motor permanently. The warranty does not cover damage caused by misuse, which includes overloading the blender. For heavy tasks, use the pulse function in short bursts, not continuous runs.