Parcha is a super cool Colombian slang word from the verb parchar, meaning 'to hang out' or 'to chill'. It's all about getting together with your parce (friend) to have a good time.
In the song, Feid says "se me parcha al lao", which means 'she comes to chill right next to me'. Learning this word is a key to understanding the unique vibe and slang of Colombian artists like Feid.
Feid is not exactly subtle in this song! It's a straight-up invitation to a girl he sees at a party. He notices that even though lots of guys are trying to get her attention, she's not interested: "Muchos perros hoy detrás de ti / Pero a ninguno le hiciste así" (Many dogs are after you today / But you didn't look at any of them like that). He sees his chance and goes for it, offering her his jacket and telling her it's destiny that they met.
But this isn't a slow-burn romance. Feid makes his intentions very clear, very quickly. He gets right to the point with the line "Para chingar tengo preservativos" (To have sex, I have condoms). He's describing a night of pure physical attraction and fun, where she's dancing, feeling the music, and getting flirty after a drink. The whole song is basically him saying, "Vente, vente, vente conmigo" (Come, come, come with me) for a night with no strings attached.