What part do I need to replace?

Inspect the circuit boards inside and look for clearly fried components. Quite often it is the speed controller boards themselves (the little circuit boards adjacent to each motor). I've seen the integrated circuits on these with black char marks/holes because they burnt up so bad.

It could end up being something fairly minor, who knows. I've seen people who have recovered the units without any issues after landing in water because they dried them properly. The ocean is a tough one due to the salt in the sea water and its effect on corrosion, but if it were me I wouldn't have tried powering the thing on until it was completely cleaned and dried.
 
Hi,

I did the same thing, but when I switched it on after cleaning, LEDs lit up red, half beeped and some smoke came out.

I've identified a blown ESC but what do the red LEDs mean?
 
datamath said:
Hi,

I did the same thing, but when I switched it on after cleaning, LEDs lit up red, half beeped and some smoke came out.

I've identified a blown ESC but what do the red LEDs mean?

The LEDs are attached to speed controller. The lights may have lit up because of a fried circuit in the ESC (as indicated by the smoke).

Replace those ESCs as a starting point.
 

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