Material over lard and cheese (7)
I believe the answer is:
taffeta
'material' is the definition.
(taffeta is a kind of material)
'over lard and cheese' is the wordplay.
'over' says the letters should be written in reverse.
'lard' becomes 'fat' (lard is a type of fat).
'and' says to put letters next to each other.
'cheese' becomes 'feta' (type of cheese).
'fat' backwards is 'taf'.
'taf'+'feta'='TAFFETA'
(Other definitions for taffeta that I've seen before include "fine material for dressing" , "Thin crisp lustrous silk" , "Shiny silk with a crisp texture" , "Crisp, smooth, lustrous fabric" , "fine stuff indeed!" .)