smoke coming out of what looks like it could be one of 3 spark plugs .
First, 3 glow plugs. Second, sorry for your situation.
The fact that it still ran, although just a short distance, may be a (very small) glimmer of hope. If it were me it would have died on the spot and have to be dragged back to the barn. I'm hoping it won't be worse case. Pictures may help.
Worse case it could be the piston rod for the plug with the smoke coming out of it. The rod may have blown the plug out, thus the bang. If not blown out try to remove the glow plug that was smoking and look in with a flashlight as best you can. Remove all three plugs and turn it over by hand if possible. It may turn or it may not. If you here crunching or it jams up it's toast. As RAG suggested look the engine over for any hole(s) leaking oil, missing or damaged hoses.
So...possibly a destroyed crank shaft, piston, engine block, head, valves, etc. You've got a 20+ year old engine there. So either a total rebuild of the existing engine, a new engine, or a brand new mower. Your mechanical skills, budget, and urgency will dictate which.