Both forms are correct. Lead and led are two different tenses of the same word. Lead is present tense and led is its irregular past participle and past simple form. Both have generally the same meanings. Lead and led can also act as nouns. In that case, there are no similarities in meanings, therefore we have to be careful which part of the sentence we are taking into consideration – a verb or a noun.

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

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

Definition of lead:
Verb(present tense): to be in control of a situation or someone;
It was a pleasure to lead such an amazing group through this experience.
– to be first or win in a competition;
He really wanted to lead in the run, but his opponents were faster.
– to cause someone to act in a certain way;
Inflation growth leads to many problems for consumers in daily life.
– to show a way to someone, to take someone somewhere by going with them;
I have no spatial orientation whatsoever, so you better lead if you don’t want us to get lost.
Noun: a heavy, gray metal, which is marked with the symbol Pb as a chemical element;
I have found a lot of old lead materials in the back of the garage, we should sell them as scrap.
– a piece of information that can be used as a clue to find a solution for a problem;
I didn’t know that these days even an old piece of paper can become a valuable lead in a criminal case.
– a winning spot in a competition;
It was the first time I got a lead in such an important race.
– the main role in a play or a movie;
I really liked the lead in this play, do you remember her name?

Definition of led:
Verb (past tense): to have control over a group of people or a situation;
Jim has never led such an important project, are you sure you want him to be in charge?
– to be in a winning position in a competition;
In my whole career, I have never led an important tournament.
– to influence someone or something to a certain action;
He led her to fail her exams just to take revenge.
– to go somewhere with some and show them the way;
She took him by the hand and led him to the bathroom.
Noun: an abbreviation from “light-emitting diode”, an electric device producing light;
LED lamps are very popular now, they help to save energy.