Chamaca is a regional slang word for a girl or young woman, especially associated with Mexican and Central American Spanish. It is more colorful and less universal than the everyday words chica or muchacha.
In the song, the singer says he is looking for a chamaca who will treat him well, making this distinctive word central to the song’s theme and title.
Chamaka is a breakup song that refuses to admit it is one. Nickoog Clk spends the chorus saying "Y yo ando buscándome una chamaca / Que me dé los mismos gustos que dabas tú" (and I'm out looking for a girl who gives me the same pleasure you gave me). Chamaca is Mexican-style slang for a girl, and the whole hook is him trying to replace someone he obviously hasn't replaced.
He plays it cold: "Y tú pensando que yo ya te olvidé" (and you thinking I'd already forgotten you), then the brag that he was in the club with someone else. But the details give him away. He is "tomándome otro whiskey / En el estudio" (having another whiskey in the studio), and later "mi vida se ha hecho barata" (my life has gotten cheap).
The middle verse is pure flex: a neck that is "todo frío" (all iced out, covered in jewellery), gold chains, a Versace hat, a Lamborghini. In the last verse the act drops. "No te miento que a veces te extraño" (I won't lie, sometimes I miss you), he admits, before insisting he found "una mejor" (a better one). Two handy pieces of slang: de pana means for real, and que lata is roughly "what a drag".
The lyrics are very explicit, with plenty of sexual references and swearing.