Most of the fan speed switches (not variable controls) are simple inductors placed in series with the fans. I'd guess that your switch cascades 1, 2, or 3 inductors in series for positions 2, 3, and 4 respectively. My guess is that the second inductor has burned out. Check the switch's rating and the fans' power requirement - I wouldn't be too surprised if the two fans consume more power than the control is designed for. That would burn it out in a hurry. Most likely you'll need a new control. This time check the fans' power requirement and buy one that's designed to provide at least that much (preferably with a 50% buffer).

first, turn off the breaker!!! second, i don't know what setting you have the DVM on, 365 what?? can't be volts, and if you tried to ohm the caps with the breaker on you probably fried the meter. to discharge the caps you can either short across teh terminals with a screw driver which will cause a arc, or you can manually engage the pressure switch and the motor will safely discharge them.

I'm assuming both switches are on the same circuit and in the same box? Then at the ceiling box, combine the 2 white wires together with the white from the ceiling fan/light and connect one black to the fan and one black to the light. Connect all ground wires.

Go to a hardware store a buy a cheap neon bulb electrical tester. (Link is for illustration and not an endorsement.) You will also need two assistants. Wearing rubber-soled shoes or boots, stand on your ladder or stepstool to reach the ceiling box. Make sure the breaker is off. Bend the end of one black wire downward. Bend the other black wire upward. (This is for identification.) Make sure the bare ends aren't touching any metal. Bend the white wire to the side. Have someone stand at the panel, able to hear you Have another person stand at the light switch. BEING EXTREMELY CAREFUL, keeping your wits about you, call out to your helpers to turn on the breaker and switch. In the following procedure, touch only the insulated parts of the tester and the wires. Don't let any part of your body come into contact with any bare wires. CAREFULLY touch one probe of the tester to the bare end of the white wire, and the other to the bare end of one of the black wires. If the tester doesn't light up, keep the white wire probe where it is, and move the black wire probe to the other black wire. If the tester doesn't still light up on either black wire, the power is not on, so have the person at the switch try the other position. Then repeat the above stop. When you find which wire lights the tester, make note whether it's the up or down wire. Call that out to your switch assistant. Have your helpers turn off the switch and breaker. Then have the switch person write down which wire (up or down) you got the tester to light up on. That is the light hot wire. The white fan wire goes to ceiling white. The blue fan wire goes to the ceiling black wire that made the tester glow when the light switch was on. The black fan wire goes to the other ceiling black wire. Bare or green goes to ceiling bare or ceiling green (ground). Use proper wirenuts. Tuck the wiring up into the box and reinstall the fan. If the light switch now controls the fan and vice versa, then somehow you confused the two black wires. Take the fan down and reverse them.