The Collaborative International Dictionary of English v.0.48:

Outpace \Out*pace"\, v. t. [Cf. Outpass.]
   1. To outgo; to move faster than; to leave behind. --Lamb.
      [1913 Webster]

   2. To exceed in development or performance; to outdo.
      [PJC]

WordNet (r) 3.0 (2006):

outpace
    v 1: surpass in speed; "Malthus believed that population
         increase would outpace increases in the means of
         subsistence"