Canoero translates to "canoeist" or "boatman". It's a charming and somewhat whimsical word that evokes images of traditional boats and calm waters.
In the song, Natalia Lafourcade uses "Amorcito canoero" (Little love, boatman) as a tender term of endearment, personifying love as someone who guides her through the "waves" of emotion. This unique and poetic usage makes it stand out and adds a layer of romantic imagery to the lyrics.
Acapulco is the whole setting here, and Lafourcade never gets off the water. The lover is a boatman: "Amorcito canoero / Que me lleva por las olas" (Little boatman love / that carries me over the waves). The two of them drift off the map for hours, "Donde como navegantes / Nos perdimos tantas horas" (Where like sailors / we got lost for so many hours), and the palm trees turn up in his eyes instead of on the shore.
What lifts it above a postcard is how plainly she states the terms. "Este amor no tiene olvido / Mucho menos compromiso" (This love can't be forgotten / much less commitment) is a holiday romance admitted out loud, with nobody pretending otherwise. So the chorus is a request rather than a promise: "Cariñito de Acapulco / No te olvides de mi boca" (Little darling from Acapulco / don't forget my mouth). She even takes it to the Virgin, "Ay, mamita Guadalupe" (Oh, dear Mother Guadalupe), asking that a seaside fling be allowed to stay remembered.