Lead (rhymes with seed) is present tense: to guide. Led is the past. Lead that rhymes with bed is the metal. They lead the group today. They led the group yesterday. Diction as a set is in word choice.
Yesterday takes led
If the sentence is already in the past, the verb is led, not lead. She lead the team last year is the usual miss. Tense as a set is in verb tense.
Loose versus lose is another one-letter trap, in loose versus lose. Grammar overall is in ACT grammar rules.
The bottom line
Present: lead. Past: led.
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