Made out panto character (4)
I believe the answer is:
dame
'panto character' is the definition.
(I've seen this before)
'made out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'made' anagrammed gives 'DAME'.
(Other definitions for dame that I've seen before include "Woman" , "Man's panto role" , "Peeress" , "Pantomime lady" , "Agatha Christie's title?" .)