Ponder and wonder what this might be? Looks like it (3,5)
I believe the answer is:
eye rhyme
'ponder and wonder what this might be? looks' is the definition.
Although both the answer and definition are singular nouns, I don't see how one could define the other.
'like it' is the wordplay.
I cannot really understand how this works, but
'like' could be 'y' (similar in meaning) and 'y' is located in the answer.
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is found within the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for eye rhyme that I've seen before include "Similarity between words in spelling but not in sound" , "Keats and Yeats, for example" , "scan piece of poetry" , "shy?" , "Love and move eg" .)