Paces out the room (5)
I believe the answer is:
space
'room' is the definition.
(I've seen this in another clue)
'paces out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'paces' with letters rearranged gives 'SPACE'.
'the' acts as a link.
(Other definitions for space that I've seen before include "Room for capes" , "Interstellar region" , "Gap between words" , "Expanse" , "Cosmos" .)