Meaning

noun a cord that is drawn through eyelets or around hooks in order to draw together two edges (as of a shoe or garment)

noun a delicate decorative fabric woven in an open web of symmetrical patterns

verb spin,wind, or twist together

originFrom Middle English lace, laace, las, from Old French las, from Vulgar Latin *laceum, based on Latin laqueus. Doublet of lasso.

Etymology from Wiktionary, CC BY-SA 3.0