Two figures, the first of which shortly punched by a bully (8)
I believe the answer is:
threaten
'bully' is the definition.
(I've seen this before)
I cannot understand how the rest of the clue works.
Can you help me to learn more?
(Other definitions for threaten that I've seen before include "Menace, warn of intention to harm" , "Bully" , "indicate danger" , "State an intention to harm" , "'Menace, intimidate (8)'" .)