Led is both the past and past participle form of the verb to lead (which rhymes with bead).
The noun lead (rhymes with bead) refers to an example, an initiative, or a position at the front. The noun lead (rhymes with red) refers to the metal.
Examples:
We led the game until the eighth inning. Now the Cubs lead the game.
Practice:
(a) Your advice will _____ me into trouble.
(b) Your advice has _____ me into trouble many times before.
