Suit of iron lifted in scrap (5)
I believe the answer is:
befit
'suit' is the definition.
('befit' can be a synonym of 'suit')
'iron lifted in scrap' is the wordplay.
'iron' becomes 'fe' (Fe is the chemical symbol for iron).
'lifted' is a reversal indicator (going up in down clue).
'in' means one lot of letters goes inside another.
'scrap' becomes 'bit' ('bit' can be a synonym of 'scrap'**).
'fe' in reverse letter order is 'ef'.
'ef' inserted within 'bit' is 'BEFIT'.
'of' is the link.
(Other definitions for befit that I've seen before include "Be appropriate for" , "Become, suit" , "Be right and suitable for" .)