Story fellow excluded from biography (3)
I believe the answer is:
'story' is the definition.
(story can mean a fabrication)
'fellow excluded from biography' is the wordplay.
'fellow' becomes 'f' (abbreviation - of a society etc.).
'excluded from' is a deletion indicator.
'biography' becomes 'life' (synonyms).
'life' with 'f' taken away is 'LIE'.
(Other definitions for lie that I've seen before include "Stretch out" , "habitat for animal or bird" , "Disinformation" , "Be prone - misrepresent the facts" , "Assume recumbent posture" .)