Peye is a Colombian slang term that means 'lame,' 'awful,' or 'bad.' It's a very informal and expressive word that adds a unique flavor to the lyrics.
In this song, Maluma uses it to express his strong negative feelings about certain situations, such as "Qué peye si te vas con otro" (How lame/awful if you go with someone else). It's a word that captures a specific regional slang, making it interesting for learners to discover how Spanish is spoken in different places.
Maluma spends this whole song walking out the door and never quite getting through it. He opens with the excuse everyone reaches for: "No eras tú, no era yo" (It wasn't you, it wasn't me), "Creo que fue la etapa equivocada" (I think it was the wrong time). Nobody's fault, just bad timing. Then the chorus admits what is actually going on. "Mi corazón me está diciendo que te extraño / Pero prefiero irme antes de que te haga daño" (My heart is telling me I miss you / But I'd rather leave before I hurt you). He is leaving for her sake, he says, which is the sort of thing you say when you are the one who cannot handle staying.
The honest line is the hook: "Un polvito más y en este vicio nos quedamos" (One more quickie and we'll get stuck in this vice). He knows the pattern, calls it an addiction outright, and goes back anyway. "Yeah, siempre decimos que no y volvemos a repetir" (Yeah, we always say no and we do it again), and then he starts counting: "Tercera vez que me equivoco" (Third time I've made a mistake). Even the jealousy sounds tired rather than furious, in the Medellín slang of "Qué peye si te vas con otro" (What a drag if you go with someone else). The beat stays soft and unhurried underneath all of it, which suits a song about a man with no real intention of leaving.