Hi - I have a Beta 38 and the other day it raced to full RPMs at start up. I was able to get it to shut off with the engine panel stop button.
I've removed the throttle cover and saw the rack pin on the injector pin was stuck. I was able to get it unstuck. I also removed the stop solenoid and the T shaped bar inside moves freely too. Put it all back together and it races to full RPMs again. Opened it back up and got it unstuck and it raced to full RPMs again and stuck.
I checked and there is no sign of water in the fuel.
Any suggestions on what is the issue? Do I need to remove the injector pump and have it rebuilt?
You have obviously had some moisture in the pump. It may have been in the fuel or in the oil in the form of condensation or just some dirt in the oil.
The injection pump was never stuck as if it was, the stop button (and stop solenoid) would have had no effect.
I hope that you have a shop manual with instructions and diagrams of how the injection pump is controlled by the governor. I suggest that you move the manual stop lever over its full travel about 20 times and then try to start it again. If this does the trick you have dodged the expensive repair and just an oil and filter change and fresh fuel should fix the problem. If not, I suggest that the control plate with the stop lever be removed. You may find a broken spring. The next step is to remove the injection pump for rebuilt at a shop and you can then inspect the governor control mechanism while the pump is out.
I hope that this helps. Our shop is closed today because of this damn hurricane over our area. It should be out of here later today and we will be open on Monday next week as normal.