1992 3.8 Regal making scraping/knocking noises

I have a 92 3.8L Regal that has just started making a scraping/knocking noise when idling or when I'm driving. I opened the hood and it sounds like it's coming from the area around the serpentine belt, on the left side of the car when I'm looking at the engine. It's hard to describe, almost like metal is bumping or scraping against metal. It sounds really bad and I can't figure out what's going on. Any help would be greatly appreciated.

Thanks!

Kinda tough to tell from here, but remove the belt and check the water pump or tensioner pulley.