Tiguere (not to be confused with tigre, meaning "tiger") is a popular Dominican slang term for a very specific type of person.
It describes someone who is street-smart, a smooth-talker, a hustler, and maybe a bit of a troublemaker. In the song, Dominican artist El Alfa uses it to call out a guy who won't share the hookah, asking, "¿qué lo que con este tiguere?" (what's up with this guy?). It's a perfect example of the authentic, regional slang you can only learn from music.
This song is a tale of two parties. It starts with Bad Bunny's smooth trap beat, setting a scene in La Romana, a city in the Dominican Republic. He's at a party, asking someone to "Pásame la hookah" (Pass me the hookah) because the crew is lit and "Las mujeres andan sin marido" (The women are without husbands). He brags that the party is better than Dubai and tries to convince a woman to leave her boring boyfriend for him, promising they'll be "desnuditos por el batey" (naked in the batey), which is a very direct way of saying he wants to get with her.
Then, about halfway through, the beat completely switches. Puerto Rican artist Bad Bunny hands the song over to Dominican dembow star El Alfa, and the energy explodes. El Alfa's section is pure confidence and fire. He boasts about his success, money, and influence, saying "A mí no me compares, que yo tengo pa' comprar la competencia" (Don't compare me, I have enough to buy the competition). He declares the streets are on fire—"Y es que la calle bota / Fuego, fuego" (And the street is throwing / Fire, fire)—and that he's a legend while still young. It's a massive flex, turning the song from a party track into an anthem about being at the top of your game.