Paguro literally translates to "hermit crab". It's a seemingly random word that becomes brilliant with a bit of context.
This is a clever pop culture reference to the main character of the Disney/Pixar movie Luca. In the song, Eladio boasts, "Me siento Luca Paguro dripeándote Gucci italiano" (I feel like Luca Paguro, dripping you in Italian Gucci). He's comparing his swagger and high-fashion style to the awe-struck sea monster who discovers the luxurious Italian lifestyle, creating a unique and memorable image.
This song is a straight-up flex about a secret affair with a woman who loves luxury. Eladio and Bad Bunny trade verses about a girl who is already in a relationship, but they think that's a bad fit. As Bad Bunny puts it, "Ese culo tan lindo y tú con novio / Baby, eso no pega" (That beautiful ass and you have a boyfriend / Baby, that doesn't fit).
They describe a lifestyle filled with designer brands like Coco Chanel, Louis Vuitton, and Bottega, and wild encounters. It's all about money, sex, and living large. Eladio boasts about his wealth, telling her "Tengo chavos con cojones, chapéame" (I have a shtload of money, be my gold digger). The whole relationship is a secret—"Preguntan por mí y ella lo niega"* (They ask about me and she denies it)—but she'll drop everything to see him. It's a fun, boastful track that's all about the thrill of a forbidden, high-fashion romance.