"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.
pleasing
pleasurable
pleasure
pleasureless
pleasure-seeker
pleat
pleather
pleb
plebe
plebeian
plebiscite