SMOKE AND FIRE MAIN CIRCUIT BREAKER PANEL. EMERGENCY DECLARED AND RETURNED TO DEP STATION. ACFT OFF RWY ON LNDG ACCOUNT REVERSE LEVER COULD NOT BE PUT IN IDLE.

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DEPARTED DALLAS LOVE AT XA 45L ENROUTE TO HOU/HOBBY (ACFT-LTT). AT LEVEL-OFF (27000); SMOKE AND FIRE BROKE OUT FROM CIRCUIT BREAKER PANEL #1 (BEHIND CAPT'S SEAT); ATC WAS NOTIFIED; EMER DESCENT INITIATED; O2 MASKS ON AND CHECKLIST ITEMS ALL ACCOMPLISHED (ALL WITHIN SAME TIME FRAME). WE WERE HALF WAY TO HOUSTON AT TIME OF EMER. STOPPED DESCENT AT APPROX 4500' HEADING TOWARD DALLAS AND BEGAN SEARCHING FOR EMER FIELD. AT 60 MILES FROM DALLAS; REESTABLISHED CONTACT WITH ATC (FT.WORTH CENTER) AND CONTINUED TOWARD DALLAS LOVE. THIS DECISION WAS BASED ON THE NEED FOR A LONG RWY AND FIRE FIGHTING EQUIPMENT. (MANY OF THE ACFT SYSTEMS WERE LOST AND THE CIRCUIT BREAKER PANEL WAS STILL SMOLTERING). TOUCHDOWN WAS APPROX 150 KTS. THRUST REVERSERS WERE DEPLOYED; HOWEVER BUCKETS DID NOT ACTIVATE. ACFT INITIALLY DECELERATED BUT BEGAN TO ACCELERATE RAPIDLY. THRUST REVERSE LEVERS COULD BE STOWED (BOTH PILOTS EXERTED MUCH FORCE IN THIS ATTEMPT) DEPLORABLE CONDITION OF RW 31L AT DALLAS LOVE COMPLICATED OUR EFFORTS IN HANDLING THE THRUST REVERSE PROBLEM. DECISION WAS MADE TO STEER FOR THE SOFT INFIELD (TO AID IN STOPPING) ACFT STOPPED 12' SHORT OF EMBANKMENT. ALL EVACUATED (3 PAX) WITH NO INJURIES.