Cryptic crossword clue
Note goes round old police: “Ceasefire!” 5

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

I've seen this crossword clue in Financial Times
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The straight part
We know that "Ceasefire" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ceasefire = truce.
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 TRUCE mean?

TRUCE noun
  1. A period of time in which no fighting takes place due to an agreement between the opposed parties
  2. An agreement between opposed parties in which they pledge to cease fighting for a limited time

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