Cochineo is a playful slang term that's hard to translate with a single word. It means 'messing around' or 'dirty business', usually in a flirty or steamy context, and comes from the word cochino (pig).
In the lyrics, the singer asks, "¿Recuerdas todo el cochineo en el lambo rentao'?" (Do you remember all the messing around in the rented Lambo?). This cheeky word perfectly hints at their secret, passionate past and makes you want to learn the full story behind their forbidden fun.
This song is all about a secret understanding between two people who know they're meant to be, even if they're with other people right now. Anitta sees her guy with his new girlfriend and notices he's still looking at her. She's not worried, cheekily pointing out, "Pero novia no es esposa" [But a girlfriend isn't a wife]. They both seem to believe that good things come to those who wait, with the main idea being "el que espera / Se consigue lo que quiera" [he who waits / gets what he wants]. It's a patient, confident kind of desire.
They both remember their wild, secret past, referencing everything from paparazzi to fooling around in a rented Lamborghini. It's clear they have a history that his current girlfriend can't compete with. They have a deal: "Hoy por ti, después por mi" [Today for you, later for me], suggesting they're just waiting for the right time to get back together. Maluma even jokes about waiting a few years and suggests that for now, they can be "felices los cuatro" [the happy four of us], a very bold reference to his other famous song about a similar situation. The whole song is a playful and very confident promise that their story isn't over.