Shows off hat carried by that chap - an ornament for the head (4,5)
I believe the answer is:
hair slide
'an ornament for the head' is the definition.
'shows off hat carried by that chap' is the wordplay.
'shows off' becomes 'airs'.
'hat' becomes 'lid' ('lid' can be a synonym of 'hat').
'carried by' means one lot of letters goes inside another.
'that chap' becomes 'he'.
'airs'+'lid'='airslid'
'airslid' inserted inside 'he' is 'HAIR-SLIDE'.
(Another definition for hair slide that I've seen is " Top fixer".)
I've seen this clue in The Independent.
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