Suit, one wrapped in paper (3)
I believe the answer is:
fit
'suit' is the definition.
(synonyms)
'one wrapped in paper' is the wordplay.
'one' becomes 'i' (Roman numeral).
'wrapped in' means one lot of letters goes inside another.
'paper' becomes 'ft' (Financial Times newspaper).
'i' going into 'ft' is 'FIT'.
(Other definitions for fit that I've seen before include "In good physical condition, healthy" , "Of a suitable standard" , "Suitable; sudden attack" , "Strong" , "Healthy - episode of epilepsy" .)