Lubriques comes from the verb lubricar, meaning 'to lubricate'. While it can refer to mechanical lubrication, in a romantic or intimate context, it often carries a suggestive double meaning related to sexual arousal.
In this song, Arcangel uses it quite explicitly in the line, "Ven, baila conmigo yo hago que lubriques" (Come, dance with me, I'll make you lubricate). This word is chosen for its directness and its clear, albeit suggestive, implication within the song's theme of desire and intimacy, making it memorable and unique.
Arcangel's "Ganas De Ti" is a super direct and passionate plea from someone who is absolutely consumed by desire for another person. He doesn't hold back, right from the start, saying things like "Quiero llevarte y hacerte el amor" (I want to take you and make love to you) and "Déjame tocarte, tu cuerpo está pidiéndolo" (Let me touch you, your body is asking for it). It's all about that intense longing, that feeling of desperation when the person isn't around, as he repeats, "Tengo tantas ganas de ti, amarte es esencial, me desespero si no estás aquí, regresa que no puedo más" (I have so much desire for you, loving you is essential, I despair if you're not here, come back because I can't take it anymore).
He's really trying to convince this person to give in to the moment, urging them to "Cree en mí, no te limites" (Believe in me, don't limit yourself) and even playfully suggesting, "El nene podría hacer que te excites, ven, baila conmigo yo hago que lubriques" (The boy could make you excited, come, dance with me, I'll make you lubricate). It's a mix of raw desire and a bit of a nostalgic look back, as he wishes to "volver a ser tu amigo y tener los privilegios que teníamos antes en el colegio" (be your friend again and have the privileges we had before in school). Ultimately, he just wants them by his side, in his room, until the sun comes up, because for him, "Amarte es esencial" (Loving you is essential).