Hounds' quarry (4)
I believe the answer is:
hare
'hounds' quarry' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for hare that I've seen before include "'First catch your ....; then cook it'" , "Fast runner" , "Run with great speed" , "may be electric!" , "Sect: -- Krishna" .)