Rim -- leg perhaps cut on it (5)
I believe the answer is:
limit
'rim' is the definition.
(thesaurus)
'leg perhaps cut on it' is the wordplay.
'leg perhaps' becomes 'limb' (leg is a kind of limb).
'cut' means to remove the last letter.
'on' is a charade indicator (letters next to each other).
'limb' with its last letter taken off is 'lim'.
'lim'+'it'='LIMIT'
(Other definitions for limit that I've seen before include "Keep in" , "Restrict to specified range" , "Hem in" , "Confine within bounds" , "Boundary or restriction" .)