An air-cooled ignition lead for use with aircraft engines to conduct high voltage ignition pulses between an exciter and an igniter. The ignition lead includes a center conductor covered by an insulation jacket for electrical isolation. Radially spaced outwardly from the insulation jacket is a flexible conduit that has sufficient structural integrity to resist collapsing inwardly. The insulation jacket and conduit define an airflow path therebetween that is used for conducting air through the lead. An innerbraid is located over and supported by an outer surface of the flexible conduit, and this location of the innerbraid prevents it from collapsing over time and obstructing the airflow passage that extends on the inner side of the flexible conduit. The innerbraid can be used as a return path conductor that provides a return current path and/or EMI shielding. Covering the innerbraid is an outerbraid to protect the lead against external damage.