Here is a wild guess from a possibly great distance.
The two terminals appear to be the 240 Vac connections at the back end of either broil heater coil part "6" or bake heater coil part "7." The other orange wire must have fallen off its terminal and contacted the (presumably) grounded chassis, shorting mains power to ground, triggering the circuit breaker, and fusing part of the lug into the frame. (Given the recent purchase, this is in my opinion a factory defect.)
As to why the breaker is still tripping, one would have to measure resistance of each coil's terminals (with power off, of course) to the frame to ensure that there is no other short involved. This would be done with the connections removed. Then the connections themselves with the power disconnected would have to be tested vs. "bake" oven control position.
Or you could demand the oven be replaced.
Q