Bandida is the feminine form of bandido, which literally means "bandit" or "outlaw". However, in modern slang, it's a playful way to describe a woman who is a bit of a heartbreaker or a wild party girl.
In the song, the line "Es que es bandida retirada" (It's that she's a retired 'bandida') suggests that the woman he's with used to be wild, but has supposedly left that life behind. It's a fun and evocative word that paints a vivid picture of her personality.
This song is a wild ride through a night of pure excess. The singer describes a scene fueled by drugs and partying, where he's so out of it he says, "Entre pase y pase, la neta no me acuerdo nada" (Between hits, I honestly don't remember anything). He's surrounded by women and spending huge amounts of cash, boasting that "Se van cincuenta mil en un instante" (Fifty thousand go in an instant). It's a look into a lifestyle where money and a big reputation are everything, and the party never stops.
But it gets even more complicated. The narrator is cheating on his wife, and he's not subtle about it. He describes a steamy encounter with another woman while his wife is trying to call him: "Mientras mi esposa me marcaba" (While my wife was calling me). He seems to enjoy the danger and the drama, living by the idea that "La vida es prestada, gozo a lo grande" (Life is borrowed, I enjoy it big time). The song paints a picture of someone living completely in the moment, for better or for worse.