Cryptic crossword clue
Fairy by lake may be menace 5

The most common and most likely answer to this crossword clue is the 5 letter word PERIL

I've seen this crossword clue in The Daily Telegraph
P
E
R
I
L


Buddy explains!

The straight part
We know that "menace" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case menace = peril.
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 PERIL mean?

PERIL noun
  1. A situation of serious and immediate danger.
  2. Something that causes, contains, or presents danger.
  3. An event which causes a loss, or the risk of a specific such event.
PERIL verb
  1. To cause to be in danger; to imperil; to risk.

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