Two coppers, the last insulted by loveable figure with a bow (5)
I believe the answer is:
cupid
'a bow' is the definition.
Although both the answer and definition are singular nouns, I cannot see how one could define the other.
'two coppers the last insulted by loveable figure' is the wordplay.
'two coppers' means two substitutions for 'copper'.
'copper' becomes 'cu' (chemical symbol).
'copper' becomes 'p'.
'the last insulted by loveable figure' becomes 'id' (I can't explain this - if you can you should believe this answer much more).
'cu'+'p'+'id'='CUPID'
'with' acts as a link.
Can you help me to learn more?
(Other definitions for cupid that I've seen before include "Love-god" , "armed youth" , "boy carrying offensive weapon" , "Match-making archer" , "Roman Eros" .)