Charles appears to be on the money and it does indeed look like there is a tracked revision there.

So if you can't find or select the shape causing the text wrapping, change your revisions view settings so you can see the deletions and the additions.

When you track deletions, Word treats them as if they are still there but hides them from view. This can cause confusion with sequence fields and removed section breaks for instance. I would guess that floating graphics tracked as deletions could also cause oddities like this.

Ultimately, you would need to post a sample document rather than just a photo. We can only guess at things from looking at screenshots.

__________________
Andrew Lockton
Chrysalis Design, Melbourne Australia