EMB-505 pilot reported smoke/fire in the baggage compartment; accompanied by an electrical odor during preflight. All sources of electrical power were removed; and maintenance was advised.

Narrative

We were on the ground at ZZZ getting the aircraft ready for a quick turn to depart to ZZZ1. I connected GPU power and was starting to get the aircraft ready for the next flight. Within 1-2 minutes I received a BAG SMK CAS (Crew Alert System) message. The message disappeared within seconds but quickly came back. I went to the back of the plane and saw light smoke in the baggage compartment with a strong odor of electric fire/smoke. I went to the front of the plane and disconnected GPU power and powered down the aircraft. I instructed the service hub personnel to leave the area. I had the line crew power down the aircraft and unplug the GPU. I then called (Chief Pilot) and maintenance. I was instructed to unplug the number 2 battery; leave the baggage door open and close the main cabin door but leave it unlocked. I had the FBO call fire and rescue just in case there was an unseen fire prior to maintenance arriving. I then updated the logbook with the AOG. Once complete we departed the FBO and asked the company for a hotel. Neither crew sought medical attention.