Late translating fable (4)
I believe the answer is:
tale
'fable' is the definition.
(I've seen this before)
'late translating' is the wordplay.
'translating' indicates an anagram (I've seen 'translate' mean this).
'late' with letters rearranged gives 'TALE'.
(Other definitions for tale that I've seen before include "See 20" , "Narrative - fabrication" , "A story, perhaps out of school" , "Late with a story" , "Fable" .)