Crossword Genius

Waste away by a lake (5)

Ross

I believe the answer is:

offal

'waste' is the definition.
(thesaurus)

'away by a lake' is the wordplay.
'away' becomes 'off' ('off' can be a synonym of 'away'**).
'by' means one lot of letters go next to another.
'lake' becomes 'l'.
'off'+'a'+'l'='OFFAL'

(Other definitions for offal that I've seen before include "Liver, lungs etc" , "Waste material" , "Rejected parts of a carcase" , "Edible liver or heart of animal" , "Edible animal viscera" .)

I've seen this clue in The Telegraph.
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