die Fliege
fly
A small flying insect that is often found near people and food.
Eine Fliege summte durch das offene Fenster ins Zimmer.
A fly buzzed into the room through the open window.

fly / bow tie
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fly
A small flying insect that is often found near people and food.
Eine Fliege summte durch das offene Fenster ins Zimmer.
A fly buzzed into the room through the open window.

The meaning of 'Fliege' (fly / bow tie) is usually clear. If the topic is animals or hygiene, the insect is meant. In the context of clothing and formal occasions, the accessory is meant. The expression 'die Fliege machen' always means 'fliehen' (to flee).
Kannst du bitte die Fliege aus der Küche verscheuchen?
Could you please shoo the fly out of the kitchen?
When 'Fliege' (bow tie) refers to the item of clothing, it is often used with the verbs 'tragen' (to wear), 'umbinden' (to tie on), or 'anlegen' (to put on). You typically wear it 'zum Anzug' (with a suit) or 'zum Smoking' (with a tuxedo).
Er wusste nicht, wie man eine Fliege richtig bindet.
He didn't know how to tie a bow tie properly.
The expression 'die Fliege machen' is a fixed idiom and means 'schnell verschwinden' (to disappear quickly) or 'fliehen' (to flee). The verb in this expression is always 'machen' (to make/do).
Als sie das Polizeiauto sahen, machten die Einbrecher sofort die Fliege.
When they saw the police car, the burglars immediately made a quick getaway.
The idiom 'die Fliege machen' belongs to colloquial language. It is mainly used in informal, spoken situations.
Der Junge hat die Fliege gemacht, als er die zerbrochene Vase sah.
The boy made a quick getaway when he saw the broken vase.
bow / loop
'Fliege' and 'Schleife' can both refer to something that looks like a tied ribbon with two loops. In clothing, 'die Fliege' means a specific accessory worn at the shirt collar, often instead of a tie. 'Die Schleife' is more general: it can be tied from a ribbon, cord, or shoelace and does not have to be clothing worn around the neck. The words can be confusing because a bow tie looks like a bow. But not every 'Schleife' is a 'Fliege'. For the item of clothing, you say 'Fliege'.

Zur Hochzeit trägt Paul ein weißes Hemd und eine schwarze Fliege.
Paul is wearing a white shirt and a black bow tie to the wedding.
Lisa bindet eine rote Schleife um das Geschenk.
Lisa ties a red bow around the present.