Laberinto translates to "labyrinth" or "maze". It's a fantastic, evocative word that paints a vivid picture and is rarely heard in pop music.
In the song, Peso Pluma sings "en tus ojos grandes me perdí en un laberinto" (in your big eyes I got lost in a labyrinth). He uses this metaphor to express how captivating and beautifully disorienting his lover's gaze is, making it a powerful and romantic line to learn.
This song is a conversation between two people at the very end of a relationship. Peso Pluma starts by remembering specific, intimate details about his ex-lover: "El olor de aquel perfume" (The smell of that perfume) and "Las sábanas blancas donde te escondías dentro" (The white sheets where you hid inside). He sees her as a precious, untouchable jewel, but the memories are painful because he knows it's over. The main thought is simple and sad: "Y pensar / Que tú ya no vas a estar" (And to think / That you won't be here anymore).
Nicki Nicole’s part adds the other side of the story. She looks him in the face, knowing, "Esta va a ser nuestra última vez" (This is going to be our last time). She asks a question that hangs in the air: "Dime de qué vale irnos si queremos volver" (Tell me what's the point of leaving if we want to come back). It seems like neither of them is sure why it has to end, and they're left feeling like everything they shared "Fue para nada" (Was for nothing).