Spanish hero and monarch drink (5)
I believe the answer is:
cider
'drink' is the definition.
(I know that cider is a type of drink)
'spanish hero and monarch' is the wordplay.
'spanish hero' becomes 'cid' (I've seen this in another clue).
'and' is a charade indicator (letters next to each other).
'monarch' becomes 'er' (abbreviation for Elizabeth Regina).
'cid'+'er'='CIDER'
(Other definitions for cider that I've seen before include "Alcoholic drink from fermented apple juice" , "Drink made from fermented apples" , "Alcohol from apples" , "Apple-based drink" , "Scrumpy" .)