Settler: one individual held in veneration (8)
I believe the answer is:
colonist
'settler' is the definition.
('colonist' can be a synonym of 'settler')
I cannot understand how the rest of the clue works.
Can you help me to learn more?
(Other definitions for colonist that I've seen before include "Settler" , "Immigrant" , "I'll settle" , "Coin slot (anag.)" .)