Takes in a set conversion (4)
I believe the answer is:
eats
'takes in' is the definition.
('eat' can be a synonym of 'take in')
'a set conversion' is the wordplay.
'conversion' is an anagram indicator.
'a'+'set'='aset'
'aset' is an anagram of 'EATS'.
(Other definitions for eats that I've seen before include "Ingests" , "Munches" , "snacks" , "Sate (anag.)" , "Provisions" .)