Weapon carried by VIPs, causing panic (8)
I believe the answer is:
alarmist
'causing panic' is the definition.
(I've seen this before)
'weapon carried by vips' is the wordplay.
'weapon' becomes 'arm' (synonyms).
'carried by' indicates putting letters inside.
'vips' becomes 'alist' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'arm' put inside 'alist' is 'ALARMIST'.
Can you help me to learn more?
(Other definitions for alarmist that I've seen before include "unduly frightening" , "Like panicking passenger" , "Given to causing unnecessary panic" , "prophet of doom" , "I magnify dangers" .)