Ace bled out in disaster (7)
I believe the answer is:
debacle
'disaster' is the definition.
(synonyms)
'ace bled out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'ace'+'bled'='acebled'
'acebled' is an anagram of 'DEBACLE'.
'in' is the link.
(Other definitions for debacle that I've seen before include "Rout; fiasco" , "foul-up" , "Disatrous collapse" , "great failure" , "Total collapse or defeat" .)