Might life peer be seen as this circus act? (5,9)
I believe the answer is:
sword swallower
'this circus act?' is the definition.
(performer in a circus)
'might life peer be' is the wordplay.
I cannot quite see how this works, but
'be' could be 'owe' (owing is a kind of being) and 'owe' is found within the answer.
This may be the basis of clue (or it may be nonsense).
'seen as' acts as a link.
(Other definitions for sword swallower that I've seen before include "Circus entertainer" , "circus performer !" .)