That'd be my first guess, after checking all electrical gubbins for a build up of dust/loose connections/spiders webs etc. Isolate from mains first, obvious I know, but I forgot once!
Also check the oil, as contaminated oil could increase the drag. Check drain plug, air filter and all the usual.
If it is belt driven then take off the belt and try again - maybe a valve stuck in the pump etc. If it is an integrated pump motor then disconnect the air output and see if it goes ok.
Did it restart fine? I mean, once the receiver had filled and been used a bit did the motor just cut back in?
3hp??
How was it wired? 110v or 220/240v? It wasn't through a 3 pin plug. was it?
My thinking (I flatter myself) is that if it was on a 13 amp fuse + 240 ac mains and had been fine up until now, you were doing well, as a 3 hp motor can pull a lot of amps.
Now, coming up to Christmas the power companies have trouble meeting demand and sometimes drop the voltage to 190 or so, which If I recall correctly, means for a given horsepower (watts) the amps would increase, pop goes the fuse.
Of course I could be talking nonsense.
Let us know how you get on - if unsuccessful then let us know more about the compressor - is it belt driven, seperate starter. These things are simple enough if you brake them down.
If you are dismantling anything do take a picture of the wiring. I once had a compresser in I couldn't get to run well. Couldn't figure it - stripped everything rebuilt and the damb thing still wouldn't make 20 psi.
Previous idiot working on it wired the motor the wrong way and it was running in reverse!
Best of luck
G.