"Mariposas" is Eladio Carrión admitting he has a crush he can't shake. The hook says it plainly: "Y yo siento mariposas en mi barriga si yo a ti te veo" (And I feel butterflies in my stomach when I see you). It's the same butterflies idiom English uses, which makes it an easy first line to learn.
The twist is that he knows she's trouble. "Esa gata es maliciosa" (That girl is sly), he says, using gata (literally "cat"), Puerto Rican slang for a girl. He compares her love to Héctor Lavoe, the salsa singer famous for his street life: "tu amor es de la calle" (your love belongs to the streets). She vanishes "como mago" (like a magician) and keeps coming back anyway.
The second verse is pure trap bragging, full of Spanglish verbs: dripiando (from English "drip", showing off his style) and flipiando (flipping, as in flipping money). He name-drops fellow Puerto Rican artists Farruko and Pedro Capó, and even El Chapo. Then he softens again: "Por tu culpa yo no creo en relaciones / Eso fue hasta que te vi" (Because of you I don't believe in relationships / That was until I saw you). It's a funny little contradiction, and kind of sweet.