Laptop overheating our of the blue

So, this is my laptop: http://www.amazon.com/...00CZ3CJIG/

And it's a beast. Up until 2 weeks ago, it ran perfectly smooth, didn't overheat much, and Minecraft ran flawlessly. But now, whenever I play Minecraft, I get random FPS drops where it goes down to like 10 fps for a few second, then back up to 200, then again a few mins later. And it overheats like crazy now, I can barely touch it when playing. Also, when playing, the entire pc slows down despite CPU usage and memory being at 20% and 50%.

I thought it might have been a virus, so I factory reset my PC but it hasn't changed. I don't want to spend hundreds of dollars at a repair shop, so can anybody here help me?

I also cleaned the fan with compressed air to no avail.

You might have clean the fan, but is it even working. You should feel hot air blowing from exhaust port. And make sure your using it on a hard surface so it can cool better, not on your lap or some kind of cushion that traps heat. But sounds like the fan is not working, which should be a simple and cheap fix.

How did you clean the fans with compressed air? - If you simply pushed the dust inside the fan channels you might have blocked it up even further. I recommend taking it apart and cleaning it out properly - WARNING: Do not do this yourself if you have no experience and want to keep your warranty (if it still holds).

Laptops with med-high end graphics like yours (GTX 760m) tend to overheat pretty easily. If you would like to try a cheap and easy fix, you could go with a laptop cooler.
http://amzn.to/...to/1lOGCOf