Bellaca is Puerto Rican slang describing someone feeling sexually aroused or playfully provocative. It's an extremely common word in reggaeton and Latin trap, instantly setting a flirtatious tone.
Myke Towers uses it directly: "Si ella se pone bien bellaca me la voy a llevar pa'l baño" ("If she gets really horny I'm taking her to the bathroom"), making the song's intentions clear from the very first line.
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.