Consume is a powerful verb that literally means 'to consume', like eating food or using up a resource. However, in this song, Maluma uses it in a deeply emotional and figurative way.
He sings, "Tu recuerdo me consume" (Your memory consumes me), to express how the memory of a past love is completely overwhelming him. It's a feeling that takes over his thoughts and energy, just like a fire consumes wood. This poetic usage makes it a great word to describe an all-encompassing emotion.
This song is a massive lesson in what not to do in a relationship. Maluma sings from the perspective of a guy who has it all: a palace, gold, designer brands, you name it. But it's all worthless to him now. Why? Because his partner left, and he's finally realized his mistake. He sings, "Tú pidiéndome amor, y yo comprando Chanel" (You asking me for love, and I was buying Chanel). He thought showering her with Prada and other expensive gifts was what she wanted, but he completely missed the point.
Now he's alone, and the emptiness is crushing. He admits that all his wealth means nothing without her: "¿Pa' qué un palacio? Si no te tengo en mi cama" (What's a palace for? If I don't have you in my bed). The most painful part for him is knowing that someone else has taken his place, not with money, but with the actual love and attention she craved. He says, "Y ahora otro sin gastar ocupa mi lugar" (And now another man, without spending anything, takes my place). It's a classic story of realizing too late that love can't be bought.