I may be found out by this lab equipment! (7)
I believe the answer is:
ammeter
'this lab equipment' is the definition.
'ammeter' can be an answer for 'equipment' (thesaurus). I am unsure of the 'this lab' bit.
'i may be found out by' is the wordplay.
'i may' becomes 'ter' (I am not sure about this - if you are sure you should believe this answer much more).
'be' becomes 'am'.
'found' becomes 'met' (synonym).
'out' means to remove the last letter.
'by' is a charade indicator (letters next to each other).
'am'+'met'='ammet'
'ammet' with its last letter taken off is 'amme'.
'ter' after 'amme' is 'AMMETER'.
(Other definitions for ammeter that I've seen before include "Device measuring electric current" , "Current-measuring instrument" , "Instrument to measure electric current" , "Device that measures the flow of electrical current" , "Instrument measuring electrical current" .)