It's hard to say, what year is your jeep. If its newer, than the abs I believe is incorporated in the hub bearing. I would recommend to take it to a good shop, or stop driving it till you get home. sounds like either the hub has gone bad( this would trip the ABS light) or the brake caliper is hung up on the rotor( this would cause the smoke) To rule out the bearing, just simply jack that side up and check for anymovement in the tire, turn the wheel by hand, listening for any growling or ruff sounds.