"Perdiste el Control" is a straight-up reggaeton seduction song, and it does not pretend otherwise. It opens with a jab: "No te diste cuenta en qué momento perdiste el control" (You didn't notice when you lost control), aimed at a woman who, as he puts it, "ya ni te importa tu relación" (doesn't even care about your relationship anymore). So yes, she is with someone else, and he is the other guy. He even asks the moon whether this is "amor o una aventura" (love or a fling), which is about as reflective as the song gets.
The rest is pure flex and heat. He promises to show up in the Lambo (Lamborghini) and tells her "ponte bonita" (get pretty), name-drops a Prada dress and Gucci underwear, and packs a "mini Bose" speaker in the suitcase, because apparently the soundtrack matters. The night moves from "el cine" (the movie theater) to "el jacuzzi" fast. Watch for "mami", which here is a flirty way to say babe, not mom, and "to' el día", the clipped Caribbean way of saying todo el día (all day). The chorus, "Mátame las ganas, quítame el aliento" (satisfy my craving, take my breath away), is blunt and catchy, and a bit much if you are listening with your parents.