Spat with Victor on street in Great Depression (4,6)
I believe the answer is:
rift valley
'great depression' is the definition.
(large geographical depression)
'spat with victor on street' is the wordplay.
'spat' becomes 'rift' (both can mean a disagreement).
'with' is a charade indicator (letters next to each other).
'victor' becomes 'V' (phonetic alphabet: alpha, bravo, charlie etc.).
'on' says to put letters next to each other.
'street' becomes 'alley' (type of small or narrow street).
'rift'+'v'+'alley'='RIFT VALLEY'
'in' acts as a link.
(Another definition for rift valley that I've seen is " Geographical feature".)