I have a cheap three lamp fixture from Home Depot. It was working fine for last year and all of a sudden stopped working. I have put a multimeter into both marrets feeding the lamp and there is 120V feeding the fixtures two wires. The two wires feed a pair of black wrapped caps with white plastic tops that each split into the three lamp feed wires. There is no power beyond this point. Does anyone know the function of these and if they can simply be bypassed or are required for the GU10 lamps? Can you purchase replacements?

The "pair of black wrapped caps with white plastic tops that each split into the three lamp feed wires." sounds like splices. These can be taken apart or cutoff, restrip the wires and resplice using wirenuts.