Our party is being held for scent (5)
I believe the answer is:
odour
'for scent' is the definition.
(synonyms)
'our party is being held' is the wordplay.
'party' becomes 'do' (do can informally mean a party).
'is being held' is an insertion indicator.
'our' placed around 'do' is 'ODOUR'.
(Other definitions for odour that I've seen before include "Pong" , "Aroma, smell" , "Aroma or fragrance" , "essence" , "Stench" .)