Firstly, you need to stop running your dryer before you do any further damage,
As you haven't specified your brand or model of dryer, I can only give general advice. It's likely that your thermostat has failed in the closed (on) position. The thermostat cuts power to the element when your dryer reaches the correct temperataure.
Most dryers also have a thermal fuse to cut all power to the dryer if they overheat. This functions as a backup safety device and this only usually trips when the thermostat fails. Your dryer is stopping because the thermal fuse is cutting power, but as you can smell burnt plastic, it's likely some damage is being done before the thermal fuse trips.
Stop using the dryer, and check/replace your thermostat.
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