Late ordering fable (4)
I believe the answer is:
tale
'fable' is the definition.
(I've seen this in another clue)
'late ordering' is the wordplay.
'ordering' indicates an anagram.
'late' is an anagram of 'TALE'.
(Other definitions for tale that I've seen before include "A story, perhaps out of school" , "Fable" , "Old wives' recital?" , "Report" , "See 12" .)