Figure a wicked liar is out to provide competition (5)
I believe the answer is:
rival
'competition' is the definition.
(I know that competition can be written as rival)
'figure a wicked liar is out' is the wordplay.
'figure' becomes 'v' (I can't justify this - if you can you should believe this answer much more).
'a wicked' is an anagram indicator.
'is out' indicates putting letters inside.
'liar' anagrammed gives 'rial'.
'v' going within 'rial' is 'RIVAL'.
'to provide' is the link.
Can you help me to learn more?
(Other definitions for rival that I've seen before include "Contestant you hope to defeat" , "Adversary or foe" , "Competing opponent" , "Be equal to in quality" , "Emulate" .)