Lance possibly hired band (6)
I believe the answer is:
armlet
'band' is the definition.
(armlet is a kind of band)
'lance possibly hired' is the wordplay.
'lance possibly' becomes 'arm' (lance is a kind of arm).
'hired' becomes 'let' (I've seen this before).
'arm'+'let'='ARMLET'
(Other definitions for armlet that I've seen before include "Band round sleeve" , "brassard" , "Small band" , "branch" , "Elm rat (anag)" .)