A couple things are possible. First I would run the chassis with the body off to see exactly where the smoke is originating from. It could be the the small cap on the outside but these usually go all at once so I don't think that is the problem. The next most likely is brushes which have been saturated by oil/lub. This is not that obvious from visual inspection but causes large pieces of the brush to break off and get lodged between the comm segments. This is usually a monentary short and shows up as smoke, loss of performance, a "fire" ring around the comm as it burns off. If this is the case then you will need to disassemble the motor, clean off the comm with 1200grit sandpaper or finer, clean out the segment gaps with a fine tooth pick or back side of an exacto blade and clean each brush in alcohol then gentally sand off the ends to remove the corrupted material. The next likely cause could be a problem with the armature so you will need to check the "ohm" reading between each pair of com segments. The resistance should be greater than 2-3 ohms and less than 10 on each pair depending on motor type. All readings should be close to the same. If one reading is significantly greater then you can try adding a dab of solder to each connecting point on the solder ring. This should reheat the joint and reconnect the offending conection if that is the problem. If it doesn't correct the problem then the "break" is somewhere else and will need a rewind to correct. Also check that the brushes move freely in their holders. Once in awhile one gets hung up on a burr and this can sometimes cause extra heat and some smoke but this is generally not the case. Some other things to check is the spring connections between the motor and chassis. If these are not good you can get some sparking and a little smoke sometimes. If you are running allot of magnet downforce you may also be overtaxing the motor. This is usually not the case but can happen when extra magnets are used. Again, the first thing to do is visually isolate the problem then work from there. If you do the motor fixes above do a good break in after you reassemble it.
Jimmy