Loss of power and electrical fire

[mister]

As I was heading to go Christmas shopping today, I came around the corner and accelerated like normal but it seemed to miss. Like it was running out of fuel. I though the tranny had blown, cause the RPM's were going up but the car wasn't moving any faster. I then begin to notice a particular smell of burning plastic. After two nice guys helped me push the car to the side of the road, I popped the hood and saw a small electrical fire near the brake master cylinder. All of the electrics are fine it spins the starter but will not catch. Checked the dipstick and it is nice clean oil. Not sure where to even begin to look. The wire loom that melted runs along top of the firewall. It is now sitting in my driveway. I got the car for free from my grandma and have put 3k into it, I think it is time to retire the car. Anyone looking for a project car?