Pedo is one of the most versatile and common slang words in Mexican Spanish. While it literally means "fart," it's used in countless expressions. For example, estar pedo means "to be drunk," and ¿qué pedo? can mean "what's up?" or "what the hell?"
In this song, Peso Pluma uses the title phrase Ni pedo (and the similar No hay pedo) to mean "no big deal," "whatever," or "oh well." It expresses a sense of resignation and dismissal after heartbreak. Learning this phrase is a masterclass in understanding the nuances of informal Mexican slang.
Peso Pluma kicks this song off with a classic heartbreak scenario: he's drinking to deal with a breakup. He's feeling down, or "bien agüitado", because he's remembering a time when they were "todos locos, desnudos, bien abrazados" (all crazy, naked, holding each other tight). Now, she doesn't even want to see him. He feels like he's going crazy without her, and the worst part is the feeling that he's the one who messed up: "el saber que fallé es lo que me chinga el alma" (knowing I failed is what screws up my soul).
This isn't his first time dealing with a broken heart. He sings, "Otra ruptura más al corazón" (another heartbreak), feeling like he always gives his all just to be rejected. He blames Cupid for betraying him again but tries to shrug it off with the song's title phrase, "No hay pedo, al rato, se me pasa" (No problem, I'll get over it soon). He even adds a funny, relatable detail about how sad everyone is, saying "Hasta el pinche perro se mira agüitado" (Even the damn dog looks sad). It's a song about being completely devastated by love but trying to play it cool.