The most common and most likely answer to this crossword clue is the 4 letter word DOER
I've seen this crossword clue in The Times
D
O
E
R
Buddy explains!

The straight part
We know that "Action man" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case action man = doer.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DOER mean?
DOER noun- Someone who does, performs, or executes; an active person, an agent.