Had same issue a few months back. Did my usual 2 month dusting of the internals of my PC, (old house, dusty environment, leaks in my A/C ducts etc) needless to say, I had quite a bit of dust built up inside the power supply and tower, it popped and crackled one time. It all looked fine when I went to reboot and nothing happened. Lights came on and fans worked, just no boot up or anything else. Thought MB may have fried seeing as how the lights and fan came on with the PS. Took out the PS and had it tested at a local PC repair shop, they said it was fine and tested ok. Not trusting them, I bought an aftermarket PS of same wattage and amps, just in case. Put old one back in...nothing. Put new one in ....ITS A MIRACLE!!! Amazingly, the new one works.
Point of the story, it may be the PS, MB or just about anything. My money is its the PS. Try replacing it first. Its easy to do, its cheap and if it doesn't fix the issue, take it back.