I would say lead, but do so without stopping another who may be the more natural leader in that particular exercise.
You should have a 'buddy' for this round; which university are you attending/graduating/graduated from...?
I would say they are looking for someone who not only leads from the front, but supports from the side or below.
I guess it is the fine line between arrogance and ability. This is simply my personal view, do what makes you feel comfortable. That is the best advice.