Bellaquita is a slang term, common in reggaeton and urban music, that describes someone who looks or acts flirtatiously, often used as a playful compliment about someone's sensual confidence.
In the song, the line "En la cara se le ve lo bellaquita que es" ("In her face you can see how beautiful she is") uses the word to highlight that unmistakable, confident energy that shows through someone's expression.
"Bellakita" is Conep's perreo flex with Anuel AA along for the ride, and the whole song is one long comparison between a woman he's into and things that are fast, expensive, or famous. He opens with "Tú y yo tenemos una conexión" (You and I have a connection), then drops the pretense two lines later: "Tú y yo chingamos hasta que se rompa el condón" (You and I fuck until the condom breaks). Subtlety was never the plan here.
From there it's all flex. He puts her on a Bugatti bumper, drives an Acura, and name-drops Carlos Vives, Toretto, Kylie Jenner, and Madonna just to keep the comparisons rolling. Anuel AA's verse keeps the same energy going before the hook loops back one more time to close it out. This isn't a song trying to say anything deep. It's built to make a club move, and that's exactly what it does.