Lord accepts resistance over capable extortionist (9)

I believe the answer is:

profiteer

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'extortionist' is the definition.
(thesaurus)

'lord accepts resistance over capable' is the wordplay.
'lord' becomes 'peer' (peer is a kind of lord).
'accepts' is an insertion indicator.
'resistance' becomes 'r' (electronics abbreviation).
'over capable' becomes 'ofit' (I can't justify this - if you can you should believe this answer much more).
'r'+'ofit'='rofit'
'peer' enclosing 'rofit' is 'PROFITEER'.

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(Other definitions for profiteer that I've seen before include "One charging too much" , "Overcharge" , "Racketeer" , "Make money unfairly" , "He charges too much in times of scarcity" .)

I've seen this clue in The Telegraph.

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