Embrujao' is a colloquial, shortened form of "embrujado," which means 'bewitched' or 'enchanted.' It's a captivating word that immediately brings to mind magic and spells.
In the song, Carín León sings, "Es que me tienes embrujao', bebé" (It's just that you have me bewitched, baby), and "Tú me tienes embrujao', un hechizo me has echao', wow" (You have me bewitched, you've cast a spell on me, wow). He uses this word to express how completely captivated and under the spell of love he feels, as if his partner has used magic to win him over.
The whole song is one man doing a double take at his own luck. He opens hedging, "No sé si callármelo o decírtelo" (I don't know whether to keep it to myself or tell you), and by the chorus the hedging is gone: "Me gané el bingo y ni cuenta me di" (I won the bingo and didn't even notice). Bingo is the right game for it, because nobody wins bingo through skill. You sit there, the numbers come, and one day somebody is sleeping at your place "de lunes a domingo" (Monday to Sunday) and you hear yourself offering her the rest of the month.
The second half is an inventory of the man he used to be: "carismático en la calle, to' sueltico, mal portao'" (charming out on the street, all loose, badly behaved). Then the Venezuelan slang arrives and finishes him off. "Y ahora mírame aquí, todo empelotao', creo que ando encucao'" (and now look at me here, stripped bare, I think I'm hooked). Best line in the song is the one where he tries to pass the blame upward: "Hasta Cupido confundido, creo que anda arrebatao'" (even Cupid is confused, I think he's off his head). He is not really confessing. He is filing a complaint about an outcome he is thrilled with.