BDAG has a detailed article on this verb, in the NT only here and in Col 2:15. Basically, there are six different possible interpretations and they all have problems of one sort or another. BDAG seems to favor to "lead in a triumphal procession" as a captive, but the scholarship is very divided over what it means, generally and in these contexts.
Stephen C. Carlson, Ph.D. (Duke)
Post-Doctoral Fellow, Faculty of Theology, Uppsala