Janguear means "to hang out" and comes from Puerto Rican Spanglish: the English verb hang given a Spanish -ear ending.
Arcángel uses it to mock the rival boyfriend, singing "Te lleva janguear a la discoteca" (He takes you to hang out at the club), while he promises to take her to another planet instead. You will hear it all over Puerto Rican reggaeton, but almost never in a textbook.
Arcángel is playing the patient, confident rival here, and he does not hide it. The hook is simple: "Si tú te vuelve' loca por mí, y yo me vuelvo loco por ti" (If you go crazy for me, and I go crazy for you), so the obvious next step is "deja el novio que tú tiene'" (leave the boyfriend you have). Notice the dropped final s in vuelve' and tiene': that's everyday Puerto Rican speech, and you'll hear it all over the song.
The verse turns into a comparison he is sure he wins. The boyfriend treats her well, pero no como yo (but not like me), because yo te trato al cien (I treat you at a hundred, meaning all the way). The other guy takes her a janguear a la discoteca (out partying at the club; janguear is Spanglish from "hang out"), while Arcángel promises another planet, VIP, sin chequear maleta (without checking a bag). His sharpest line is "él está lleno 'e feka" (he is full of fake): feka is Caribbean slang for something fake. A bit much? Sure. That's the point.
Then the tone softens. "A veces en la vida hay que tomar decisione'" (Sometimes in life you have to make decisions) and "Las heridas sanan, pero el tiempo no se detiene" (Wounds heal, but time does not stop) are honest little lines about choosing yourself even if someone gets hurt. The outro shouts out producers Mambo Kingz and DJ Luian and the label Flow Factory, then signs off with his motto Sentimiento, Elegancia y Maldad (Feeling, Elegance and Wickedness).