Type of onion: chance to consume the lot (7)
I believe the answer is:
shallot
'type of onion' is the definition.
(I've seen this before)
'chance to consume the lot' is the wordplay.
'chance' becomes 'shot' (shot is a kind of chance).
'to consume' is an insertion indicator.
'the lot' becomes 'all' (I've seen this before).
'shot' placed around 'all' is 'SHALLOT'.
(Other definitions for shallot that I've seen before include "Small onion-like bulb used for seasoning" , "Type of 12" , "Edible onion-like bulb" , "Onion-like plant with clusters of bulbs" , "found in the allotment" .)