Real Dictionary

lace
Laces are thin pieces of material that are put through special holes in some types of clothing, especially shoes. The laces are tied together in order to tighten the clothing.
uncountable noun: Lace is a very delicate cloth which is made with a lot of holes in it. It is made by twisting together very fine threads of cotton to form patterns.
verb: If you lace something such as a pair of shoes, you tighten the shoes by pulling the laces through the holes, and usually tying them together.

lace in American English
a string, ribbon, etc. used to draw together and fasten the parts of a shoe, corset, etc. by being drawn through eyelets or over hooks
to draw the ends of (a garment, shoe, etc.) together and fasten with a lace
intransitive verb: to be fastened with a lace
noun: a netlike ornamental fabric made of threads by hand or machine
transitive verb: to fasten, draw together, or compress by or as if by means of a lace

lace in British English
noun: a delicate decorative fabric made from cotton, silk, etc, woven in an open web of different symmetrical patterns and figures
verb: to fasten (shoes, etc) with a lace