MAKE IT STOP

My wheel has started to make a horrible grinding noise, like so:

The annoyingness ...that's a word, right? Hmm, maybe not. How about the "irritateousity?" Wait, no, "vexatiousness!" That is a word!...OK, the vexatiousness of this sound does not quite come through in the clip; it's so loud IRL that I can't hear my podcast while I am centering. I have a vague sense that it's something to do with bearings...anybody know how to fix this?