See a race as a rip-off (5)
I believe the answer is:
'a rip-off' is the definition.
'see a race' is the wordplay.
'see' becomes 'C' (the word for the letter, according to Chambers).
'a race' becomes 'heat' (I've seen this before).
'as' is the link.
(Other definitions for cheat that I've seen before include "fleece" , "Welsh" , "Fool" , "Skin" , "Dishonest dealer" .)