Drill bit is stuck in the chuck.
Easy to fix
with the drill not running
grab the bottom part of the spinning part of the drill nearest the drill's motor.
then
grab the spinning shaft bit nearest the drill bit
pull them apart slightly
when the two parts are pushed together thay lock the chuck
I own a ryobi hammer drill that does the same thing
SOURCE: my 18v ryobi cordless drill does not hold a drill
Make sure the screw for the chuck (down inside
the chuck) is tight this happened 2 me. Brought it back
2 h/d The clerk played with it and the chuck screw fell out.
They replaced the whole 4 pack instead of just the drill.
SOURCE: ryobi 18v drill keyless chuck stuck
Try holding the bit in a vice and gently tap the chuck off of the bit and see it it releases the pressure on the jaws.
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