Acicalado traditionally means 'groomed' or 'polished', but in Puerto Rican slang, it is used to describe someone who is looking incredibly fresh, sharp, and dressed to impress.
In the lyrics, the singer boasts about wearing his new retro sneakers and stepping out acicalado (looking flawlessly styled). It is a highly popular term in urban Latin music and a fun vocabulary word to learn when you want to compliment a perfect, head-turning outfit!
This song is a direct message to a woman's ex-boyfriend. Bad Bunny and Nicky Jam take turns telling this guy that his former girlfriend has moved on to someone better: them. She finally decided to make a change, as the song says, "A la monotonía ella le puso stop" [She put a stop to the monotony]. Now, she's with them, and they're telling the ex in no uncertain terms, "No la llames más, que se fue conmigo" [Don't call her anymore, she left with me].
They don't just tell him she's gone; they rub it in. They promise her a life where she won't have to cook or wash dishes and where they make her feel things her ex never could. The song's core idea is summed up perfectly in the outro: "Ella se cansó del novio, pero no de perrear" [She got tired of her boyfriend, but not of dancing reggaeton]. She didn't want to give up the party life, just the boring guy who was holding her back.