inverter type?
if so, you could have a number of issues.
a faulty over temp sensor or its connections.
bad power supply rectifier or capacitors.
faulty soft start relay contacts.
failed IGBTS or mosfet.
faulty transformer(s).
faulty oscillator control board.
often overlooked is shunt feed back to control board.
open unit up and look for bulged capacitor or anything black and chard.
post some photos.
The fact that oc lights when arc struck points to current feed back.
Photo of your control board would help.
Have half an idea thermal arc is the same as Cigweld.