Drops round last of frankincense for wise men (5)
I believe the answer is:
sages
'wise men' is the definition.
(I've seen this before)
'drops round last of frankincense' is the wordplay.
'drops' becomes 'sags' (sagging is a kind of dropping).
'round' means one lot of letters goes inside another.
'last of' says to take the final letters.
The final letter of 'frankincense' is 'e'.
'sags' enclosing 'e' is 'SAGES'.
'for' acts as a link.
(Other definitions for sages that I've seen before include "Wise people" , "enlightened people" , "Wise men" , "plants" , "Learned people" .)