Juqueao' is a colloquial contraction of juqueado, which comes from the English slang "hooked up" or can mean being heated, worked up, or driven crazy.
In this lyric, Bad Bunny sings, "Mami, me tienes juqueao'", meaning this woman has him completely infatuated and losing his mind. It's a rare, energetic street term that captures the song's intense and playful vibe, making it a memorable word you won't find in every song.
This song is a flex, plain and simple. Bad Bunny and Jhayco are talking to a woman, and the whole vibe is about a secret, luxurious relationship. They know she's into them, saying, "Ya yo me enteré, se nota cuando me ve'" (I already found out, it shows when you see me). The relationship is kept private, so no one can gossip: "¿Y de nosotros quién va a hablar? si no nos dejamos ver" (And who's going to talk about us? if we don't let ourselves be seen).
They promise to spoil her with money and new experiences. The lyrics mention giving her five thousand dollars to spend at Sephora and upgrading her from Pandora to Louis Vuitton. It's not a formal relationship—"Tú no eres mi señora" (You're not my wife)—but it's intense and hedonistic. They talk about driving around Condado, a rich neighborhood in Puerto Rico, and being completely hooked on her. It's a confident, lavish track about enjoying a private romance away from judging eyes.