Cryptic crossword clue
Undergarment, one thieves reportedly deposited at bottom of river 12

The most common and most likely answer to this crossword clue is the 12 letter word CAMIKNICKERS

I've seen this crossword clue in The Times
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Buddy explains!

The straight part
We know that "Undergarment" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case undergarment = camiknickers.
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 CAMIKNICKERS mean?

CAMIKNICKERS noun
  1. A women's undergarment covering the torso, worn for example under short dresses or slacks.

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