Both forms are correct. Led and lead as verbs are two forms of the same word. Lead is the present tense and led is a past participle and past simple form. In that case, they have the same meanings. Led is an irregular conjugation, so there is no specific rule for its creation. Both led and lead can also be nouns, and as nouns, they have completely different meanings. On that account, it is important to make sure which part of the sentence we are considering.

Correct spelling, explanation: past participle and past simple form of the word lead.

Correct spelling, explanation: present tense of the word lead.

Definition of led:
Verb (past tense): to control a group of people or a situation;
I have led the discussion group a few times already, I can handle this.
– to be a first or a winning person in a competition;
By the end of the match, the Lions led by 15 points.
– to have an influence on someone or something;
He led me to believe he will marry me, instead, he left me just before the wedding.
– to show a way to something or someone by going with them or in front of them;
He was a passionate guide and led them through the town sharing its fantastic stories.
Noun: an abbreviation for the light-emitting diode, a device producing a specific kind of light;
I saw the LED lights in John’s kitchen and I really liked the warm effect.

Definition of lead:
Verb (present tense): to control a situation or a group of people;
It is not easy to lead such a diverse group of participants with success.
– to be in front or be winning in a competition;
To lead in a race and lose it at the last moment must be a terribly awful feeling.
– to cause someone to do something;
I lead him to believe that he can save the company, but it will probably fail soon.
– to take someone somewhere or to show a way by going with them;
I do not know this neighborhood, so you need to lead us to get out of here.
Noun: a chemical element with the symbol Pb, which is a heavy, dark gray metal;
I remember the lead pipes in the old house, today they are replaced by lighter materials.
– a clue or a piece of information that allows finding a solution;
The lead that police discovered led to solving the crime.
– the winning position in a competition;
Our team had a lead in the general classification for almost the whole season.
– the main character in a movie or a play;
In high school, I played a lead in Hamlet.