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 anagramming the letters.
'pace' is an anagram of 'CAPE'.
'in' acts as a link.
(Other definitions for cape that I've seen before include "Cloak or headland (4)" , "Wrap" , "Garment - promontory" , "Cod possibly" , "Notorious Chilean headland" .)