Fix Power BI 404 not found error when connecting SharePoint Online List as Data Source

You encounter 404 not found error while connecting to SharePoint Online List (Microsoft Office 365) data using Power BI report.
The logged in organizational account credentials are correct and has necessary access to the SharePoint list.

Unable to connect

We encountered an error while trying to connect.

Details: "Microsoft.Mashup.Engine1.Library.Resources.HttpResource:
Request failed:
OData Version: 3 and 4, Error: The remote server returned an error: (404) Not Found. (Not Found)
OData Version: 4, Error: The remote server returned an error: (404) Not Found. (Not Found)
OData Version: 3, Error: The remote server returned an error: (404) Not Found. (Not Found)"

⛏️ How to fix Power BI 404 not found error ?

Connect by using only the root URL of SharePoint site as Data Source in Power BI Desktop and do not include the list, library, folder, page, listitem in the URL.

✖️ https://c2c.sharepoint.com/sites/SPWork/Lists/TestList

✔️ https://c2c.sharepoint.com/sites/SPWork

✖️ https://c2c.sharepoint.com/sites/SPWork/subsite1/Lists/PowerBIList

✔️ https://c2c.sharepoint.com/sites/SPWork/subsite1

Once the site is connected, you can select and preview the List data on the Navigator screen. Here you can load and transform the data fetched from SharePoint list, even use Power Query.

If you face error "Access to the resource is forbidden", refer here for fix.

Use the same approach to connect to a SharePoint Online site document library.