Ahogándote literally translates to "drowning yourself." It's a strong and evocative word that immediately grabs attention.
In the context of this romantic song, it's used metaphorically in the line "Quédate conmigo ahogándote con los besos sin tu amor tejer" (Stay with me, drowning yourself in kisses without weaving your love). Here, it paints a vivid picture of being completely consumed by passion and affection, almost to the point of being overwhelmed by the intensity of the kisses.
Jesse Baez wrote this one as a back-and-forth, and Latin Mafia sing the other half of it. "Mi persona favorita sos vos" [My favorite person is you], he says, and they answer with the same line flipped around, "Tu persona favorita soy yo" [Your favorite person is me]. That trade is the whole song: two people handing each other the same compliment until it stops mattering who said it first.
The middle section slows down into a small, specific scene instead of staying in that chorus. "Quédate conmigo y hazme compañía" [Stay with me and keep me company], then "Duerme aquí en mi pecho hasta que se nos haga de día" [Sleep here on my chest until it turns into day for us]. No grand promises, just a request to stay close until morning. And the chorus explains why that's enough: "En la vida pasa rara vez / Que se siente como que aquí es" [In life that rarely happens / That it feels like that here it is]. When something finally feels like home, you don't need a bigger reason than that.