Caripelado is a fantastic piece of Puerto Rican slang that literally translates to "peeled face". It's used to describe someone who is shameless, brazen, or has a lot of nerve.
In the song, Bad Bunny calls himself a caripelado because he's acting hypocritically. He's getting jealous seeing his ex with someone new, even though he admits to having been with countless other people himself. It’s a powerful and honest way of calling himself out for being shamelessly boldfaced in the situation.
Have you ever told yourself you're not jealous, while secretly feeling very, very jealous? That's the whole mood of this song. Bad Bunny kicks it off by repeating the title, "Yo no soy celoso" [I'm not jealous], but immediately follows it up with the real question on his mind: "pero ¿quién es ese cabrón?" [but who is that bastard?]. He tries to play it cool, promising he's not a "psycho" and won't make a scene, but then admits the truth with a simple and funny "Auch, mi corazón" [Ouch, my heart]. He's seen his ex with someone new, and it's tearing him up inside.
What makes this song great is how self-aware it is. The singer knows he's being a hypocrite. He calls himself a "caripelado" [shameless person] because he's been with tons of women himself. He even recognizes his possessiveness is a problem, calling it "machismo" [male chauvinism] and saying he deserves a "bofetón pa' mí mismo" [a slap for myself]. He's a mess of contradictions, feeling like his heart and mind are a tangled "dreadlock" in his chest. He knows it's selfish, but he can't help it: "te quiero para mí nada más" [I want you only for me].