The snag is, you may drop it! (5)

I believe the answer is:

catch

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'the snag' is the definition.
(I've seen this before)

I don't understand the rest of the clue.

(Other definitions for catch that I've seen before include "Getting round" , "Grab; trick; fastener" , "Desirable partner" , "Fastener on door or window" , "Ensnare" .)

I've seen this clue in the Evening Standard.

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