Piquete is a slang term that refers to a person's unique style, swagger, or charisma. It's about having an impressive and confident presence.
In the song, Daddy Yankee tells a woman, "Déjale to' ese piquete que presuma" (Let her show off all that swagger). He's encouraging her to flaunt her confidence and distinctive style, highlighting her as a powerful and attractive figure on the dance floor.
"Déjala Caer" is Daddy Yankee flexing at a party in full reggaeton showman mode. He opens by describing his own swagger, from the chains and the fresh sneakers to strolling past the crowd like a king who doesn't wait in line for anybody.
The chorus is the invitation at the center of the song: he tells someone to just let go and dance, to follow the passion between two people without being pushed into it. It's her call, he says, not his, the classic reggaeton mix of confidence and consent on the dance floor.
The second half turns the swagger up another notch, comparing himself and a partner to Bonnie & Clyde, two people living large and answering to no one. It closes out with Daddy Yankee's own producer tags and shout-outs, the kind of self-crowning ("King," "The best of all time") that's part of his signature style.