Report weapon’s stolen (7)
I believe the answer is:
gunshot
'report' is the definition.
(thesaurus)
'weapon's stolen' is the wordplay.
'weapon's' becomes 'guns' (gun is a kind of weapon**).
'stolen' becomes 'hot' (I've seen this before).
'guns'+'hot'='GUNSHOT'
(Other definitions for gunshot that I've seen before include "Firearm's range -- no thugs (anag)" , "Crack" , "Range of a specific weapon" , "Firing of hand weapon" , "Fire" .)