Now an example courtesy The Pranxtah!
Jeremy was lead to believe that the White Stripes performed rap music; while it was ultimately a savage pranx by Dylan.
To play a joke on someone. Normally a trite, pointless joke that is immediately followed by a response of "You got pranxed"
Billy was led to believe he was women. Following that Dylan quickly followed with a "you got pranxed" to assure Billy that he truly is a boy, and that Dylan was just messing with his head.