A broken shear pin confused me once because it intermittently slipped on the burr. Everything looked OK!
I’ve used a big screw-driver and lengths of wood as a stethoscope as described by Chris. Helps considerably to zero in on where the clonk is coming from – loudest. Like many old-fashioned ideas, it works, but not particularly well. These days proper doctor style stethoscopes can be had quite cheaply – worth buying one.
Also is there a pattern? Such as only occurring when the gearbox is engaged, or when cutting etc. Try to narrow it down, for example does it clonk when the motor is run with the belt off? Does it clonk when the spindle is turned by hand and everything else is disconnected. Check the shaft keys in case one has worked loose etc.
Some people enjoy fault finding, I hate it!
Dave