1540s, "a leading, guidance" (a sense now obsolete), from French conduction "hire, renting," and directly from Latin conductionem (nominative conductio), noun of action from past-participle stem of conducere "to lead or bring together," from assimilated form of com "with, together" (see con-) + ducere "to lead" (from PIE root *deuk- "to lead").
Sense of "a conducting through a channel" is from 1610s in reference to liquids; in physics, "transmission, conveyance" of heat, etc., from 1814.