There may well be a catch in it (3)
I believe the answer is:
net
'there may' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.
'well be a catch in it' is the wordplay.
I cannot really see how this works, but
'it' could be 't' (abbreviation. e.g. in 'tis) and 't' is located in the answer.
The remaining letters 'ne' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for net that I've seen before include "Lattice" , "Open mesh; catch" , "Score a goal" , "Fine open-weave fabric" , "Fish-catching mesh" .)