Pair watch unfaithful lover (3-5)
I believe the answer is:
two-timer
'unfaithful lover' is the definition.
(I've seen this before)
'pair watch' is the wordplay.
'pair' becomes 'two' (I've seen this before).
'watch' becomes 'timer' (I've seen this before).
'two'+'timer'='TWO-TIMER'
(Other definitions for two-timer that I've seen before include "Double-crosser" , "Unfaithful partner" , "Unfaithful person" , "Unfaithful lover in arithmetic mode" , "One sleeps around" .)