Bellaca is a Puerto Rican slang term that describes someone who is horny or in a sexually aroused state. It's a very common word in reggaeton and Latin trap music, but less common in everyday conversation outside of specific contexts.
In the song, Myke Towers uses it to describe a woman who is feeling particularly
SUELTA is a club record built on one word. Suelta means loose, unattached, out on her own, and the hook spends itself on it: "Tú andas suelta" (you're running loose). The woman at the centre is less a conquest than someone who quietly stopped believing in the whole arrangement. "No cree en amores desde el día que sufrió un engaño" (she hasn't believed in love since the day she was cheated on) is the one line that explains anything, and it lands in the middle of a verse about slipping off to a bathroom, which tells you how long the song wants to sit with it.
Omar Courtz takes the back half and turns it into an inventory: "Cuando yo nací ya yo tenía la gorra puesta" (when I was born I already had the cap on), a mansion bought "nada más pa' los afterhour" (just for the afterhours), cars left running outside in case. Myke's own boast is the funnier one because it is so specific: "De sucierías yo te puedo dar un seminario" (on dirty stuff I could give you a whole seminar). The beat never lifts and never drops, it just keeps walking, and the two of them pass suelta back and forth until it stops meaning anything except a night nobody intends to end early.