Godfearing type losing time in hold-up (5)
I believe the answer is:
heist
'hold-up' is the definition.
(I've seen this before)
'godfearing type losing time' is the wordplay.
'godfearing type' becomes 'theist'.
'losing' indicates named letters should be taken away.
'time' becomes 't'.
'theist' with 't' taken away is 'HEIST'.
'in' acts as a link.
(Other definitions for heist that I've seen before include "bank job in America?" , "crime?" , "Audacious robbery" , "Bank robbery" , "Mugging" .)