Imagine you're doing a manual review of the backlinks pointing at your website: 

There are times where you would want to click through to one of the links and find out exactly where it is. 

There are two ways in which you can find out where the links are. 

Not only does Site Explorer show you the site linking to you, it also shows you which anchor text is being used (alongside the surrounding text). Like this:

Copy the anchor text (or the entire chunk if you will), click through to the linking website and do a search for it (Ctrl + F for Windows; Cmd + F for Mac). Like this: 

However, it isn't so easy all the time. Sometimes it may not be an editorial link, but rather a link hidden somewhere on the page. For example:

Then, follow Method 2. 

2. You can identify where the link is via the source code. 

Go to the target website, for example: 

Then right-click anywhere on the page, and select "View Page Source". This should appear: 

Press Ctrl + F (Windows), or Cmd + F (Mac) and search for your domain name (e.g https://ahrefs.com/). It should appear in your search: 

Ta-da! Backlink identified.