Pace around in cloak (4)
I believe the answer is:
cape
'cloak' is the definition.
(cape is a kind of cloak)
'pace around' is the wordplay.
'around' indicates an anagram.
'pace' is an anagram of 'CAPE'.
'in' is the link.
(Other definitions for cape that I've seen before include "Cloak or headland (4)" , "Wrap" , "Garment - promontory" , "Cod possibly" , "Notorious Chilean headland" .)