Post Office receives stolen picture (5)
I believe the answer is:
photo
'picture' is the definition.
(a photograph)
'post office receives stolen' is the wordplay.
'post office' becomes 'po' (abbreviation).
'receives' means one lot of letters goes inside another (inserted letters are received).
'stolen' becomes 'hot' (stolen goods are 'hot').
'po' placed around 'hot' is 'PHOTO'.
(Other definitions for photo that I've seen before include "Still" , "Picture (abbr)" , "Snap (abbrev.)" , "Snap - shot" , "Camera picture" .)