Etymology
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pleat (v.)

"to fold or gather in pleats," 1560s, used as the verb version of plait (n.) and probably representing an alternative pronunciation. Related: Pleated; pleating.

pleat (n.)

"a fold," 1580s, variant of plait (n.). With a gap in the printed record 17c.-18c., but according to OED probably it was in continuous oral use. Compare the verb.

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Definitions of pleat
1
pleat (v.)
pleat or gather into a ruffle;
Synonyms: ruffle
pleat (v.)
fold into pleats;
Synonyms: plicate
2
pleat (n.)
any of various types of fold formed by doubling fabric back upon itself and then pressing or stitching into shape;
Synonyms: plait
From wordnet.princeton.edu