Keeper -- one guarding wicket and runs (5)
I believe the answer is:
owner
'keeper' is the definition.
(I've seen this before)
'one guarding wicket and runs' is the wordplay.
'guarding' is an insertion indicator.
'wicket' becomes 'w'.
'and' says to put letters next to each other.
'runs' becomes 'r' (cricket abbreviation).
'one' going around 'w' is 'owne'.
'owne'+'r'='OWNER'
(Other definitions for owner that I've seen before include "Title-holder" , "The person in lawful possession" , "possessive type" , "Keeper" , "Holder, proprietor" .)