Karacam is a beautiful and affectionate term of endearment. It literally comes from "karaca" which means "roe deer" or "blackish/dark-eyed one" and the possessive suffix "-m" meaning "my".
In the context of the song, it's used to address a beloved person, implying they are precious, perhaps with dark eyes or hair, and unique. It's a less common term of endearment than more generic ones, making it stand out.
Burak Bulut's "Karaca" feels like a late-night conversation with a friend who's had a rough night. He's tired of "geçmeyen paranoyalardan" [never-ending paranoia] and wonders if this is his "hayattaki karmam" [karma in life]. It's a song about a love that's an exception, one that "sınırları tanımaz karacam" [knows no boundaries, my dark-eyed one]. Even with "simsiyah o kalplerin içinde hayallerim alaca" [my dreams mottled within those pitch-black hearts], he urges his love not to hesitate, to "gel gözlerimde yan" [come burn in my eyes].
There's a real sense of longing and regret here. He remembers wanting to "otursak içsek rakı felan" [sit and drink raki or something] and dream together, but it never happened. All that's left from the other person is a "sade bi veda" [simple goodbye]. Despite the pain, he still believes in this exceptional love, even if "bu sabah her şey yalan ama aşk" [this morning everything is a lie but love].