Bellacas is the feminine plural of bellaco, Spanish urban slang for someone naughty, mischievous, or bold, often used with a flirtatious or confident edge. It is a word tied closely to reggaeton and Latin trap culture.
In the line "Las gyales, las finas, santita' y bellacas" ("The gals, the classy ones, the innocent ones and the naughty ones"), the word highlights a playful contrast between innocent and bold women, celebrating different types of confidence.
PTLM stands for "Para Todas Las Mamacitas" — for all the mamacitas — and Lyanno builds the whole track as a dedication. It opens on one night out: "Hoy salió con las amigas pa'l club" (Today she went out with her friends to the club), and the boyfriend gets dropped somewhere along the way — "De camino, al novio lo dejó" (On the way, she left her boyfriend), "Porque la tenía seca" (Because he was leaving her unsatisfied). What she wants instead is the night itself, the kind that makes her forget his name and where he lives.
Then the song widens out into a roll call. Lyanno names exactly who it belongs to: "Esto es pa' las gorda' y las flaca'" (This is for the thick ones and the skinny ones), the studious ones, the ones posting on OnlyFans, "las que no tienen que pedir permiso" (the ones who don't have to ask permission) and the ones with a boyfriend at home who go out anyway. The hook is an instruction shouted at the DJ — "Ponle perreo pa' todas las mamacita'" (Play some perreo for all the mamacitas) — and the record signs off with women from Puerto Rico, Venezuela, Colombia, Mexico, Chile and the Dominican Republic reporting in one by one.