I was not able to determine the fault so I took it to a local mechanic and sadly they also were not able to identify what the issue is, so it's off to the closest Volvo specialist. I believe it's an issue with the turbo and/or connections, but I can't be certain and I'd rather someone with more know...

Thanks for all the advice. I spent about an hour trying to locate a loose or ruptured hose and could not find one, so I'm going to drop it off at the shop and have them look at it. Hopefully it's nothing too expensive.

An initial check of the hoses didn't reveal anything loose, but I'll give in another once over. Any turbo hose in particular that would most likely be the culprit?

I have a 1998 Volvo S70 T5 with 147,000 miles. I was accelerating hard today to get out in front of traffic and all the sudden I heard a noise and the car lost power and cut off. Now the brake pedal stays depressed, and it sounds like it has a loud exhaust leak near the front. It will cut off unless...