Don't be fooled by those exaggerated ads—they're just deluding you with false hopes.

deluding 是动词 delude 的现在分词形式。delude 由前缀 de-（表示"偏离"）和拉丁词根 ludere（"玩耍"）组成，本义是"用欺骗手段使人偏离真相"。deluding 在这里表示"用虚假信息欺骗、误导"的行为。