Get the better of, defeat, as in Our team is bound to ace them out, or Those calculus problems aced me out again. [Slang; mid-1900s]
Take advantage of or cheat someone, as in John thought they were trying to ace him out of his promised promotion. [Slang; c. 1920]
Dictionary.com presents 366 FAQs, incorporating some of the frequently asked questions from the past with newer queries.