Ladybirds, say, or bees let loose (7)
I believe the answer is:
beetles
'ladybirds say' is the definition.
(ladybird is a kind of beetle)
'bees let loose' is the wordplay.
'loose' is an anagram indicator (letters are loosened from their original positions).
'bees'+'let'='beeslet'
'beeslet' with letters rearranged gives 'BEETLES'.
'or' acts as a link.
(Other definitions for beetles that I've seen before include "Lets bee turn to insects" , "Four-winged insects" , "Bet eels could turn into insects" .)