Could someone familiar with the 5VZ-FE help me out...

In the middle of a short trip to the grocery store I had belts start squealing for ~5-10 seconds, and then stop. When I got home as soon as I got out of the car I could smell a burnt smell, and so I popped the hood and did discover some smoke coming out of the front left side of the engine bay, down low. It looked like it was probably coming from the pulley I circled in the attached image, but it could have been coming from below it - hard to tell. Does anyone know what this pulley is turning? Is that the side the water pump is on?

I had timing belts, pulleys, pump, etc replaced at 198k, currently at 272k. Not quite at the service interval to have that done again, but to be fair the 4Runner has been rarely driven for the past 4 years, and most of that time was spent sitting in the driveway out in the elements.

Attached Images

 

The A/C Compressor is below the Power Steering pump.

A slipping belt could cause squealing.
A slipping belt causing smoke would smell like burned rubber.

The A/C belt would only be slipping if you have the A/C or Defrost on.

The water pump is driven by the timing belt.

Could the "smoke" have been steam from going through a puddle?

I was having a laggy moment when trying to describe the burnt smell. Burnt rubber would be it!