Honest Tory holding ace on street... (8)
I believe the answer is:
straight
'honest' is the definition.
('straight' can be similar in meaning to 'honest')
'tory holding ace on street' is the wordplay.
'tory' becomes 'right' (I've seen this before**).
'holding' is an insertion indicator.
'ace' becomes 'a'.
'on' says to put letters next to each other.
'street' becomes 'st'.
'right' going around 'a' is 'raight'.
'raight' after 'st' is 'STRAIGHT'.
(Other definitions for straight that I've seen before include "In a direct line" , "Sat right in unbending way" , "proper place" , "Undeviating" , "Neat (of drinks)" .)