Bishop, for instance, making ceasefire announcement (5)
I believe the answer is:
piece
'bishop for instance' is the definition.
(I know that Bishop is a type of chess piece)
'ceasefire announcement' is the wordplay.
'ceasefire' becomes 'peace' (a ceasefire might bring about peace).
'announcement' shows a homophone (sound like).
'peace' is a homophone of 'PIECE'.
'making' acts as a link.
(Other definitions for piece that I've seen before include "Artwork" , "man on board" , "Unpleasant character" , "Musical work; bit" , "E.g. bishop" .)