"ruse, deception," 1937, from earlier adjectival meaning "assumed, feigned" (1620s), a figurative extension of the notion of putting on costumes or disguises; from put (v.) + on (adv.). The expression put (someone) on "play a trick on" seems to be a back-formation from the noun.
pussy-willow
pustule
put
putative
put-down
put-on
put-put
putrefaction
putrefy
putrescence
putrescent