It can also be used as a noun in the sense of meaning first position or a potential opportunity.
Led is a verb and is the past tense and part participle of lead. It sounds like [red].
Examples:
As a noun: I got a LEAD on a job opportunity. ~ sounds like [leed]
As a noun: I was the social media LEAD for 2 years. ~ sounds like [leed]
As a verb - present tense: I LEAD a simple life. ~ sounds like [leed]
As a verb - past tense: I LED him to the bike path. ~ sounds like [red]
As a verb - past participle: Peoples' hatred has LED me to believe they are in need of a better education. ~ sounds like [red]
So what is causing all the confusion?
LEAD - a metal. It sounds like [red]. It's a noun.
Examples:
LEAD is often used in pencils. ~ sounds like [red]
That went over like a LEAD balloon. ~ sounds like [red]
One more just for fun:
LEAD poisoning can LEAD to severe health problems. ~ first one sounds like [red]. Second one sounds like [leed].