Centavito is the diminutive form of centavo, meaning "little cent" or "little penny". The -ito suffix in Spanish is often used to denote smallness or affection, making the word sound more endearing.
In this song, the "little penny" is the central metaphor for fate and desperation. Romeo Santos sings "En este centavito pongo mi fe y corazón" (On this little penny I place my faith and heart), as he leaves the future of his relationship up to a simple coin toss. This powerful image of betting everything on a tiny, insignificant object makes centavito a truly unique and memorable word.
Romeo Santos is in big trouble in this song. He's messed up so badly with his partner that she's packed her bags and is ready to leave. He tries everything to get her to stay: he begs, he apologizes, and he blames his bad behavior on the terrible advice he got from his dad. His father told him that men don't cry and that being unfaithful is just a man's "condición" [condition]. But Romeo knows that's wrong, admitting that lying to her was "nocivo y veneno" [harmful and poison].
He's completely falling apart. His doctor is worried, his psychiatrist doesn't get it, and he feels like he's prayed so much he's "saturado a Dios" [overwhelmed God]. After running out of promises and patience, he puts his entire future in her hands with a desperate gamble. He asks her to flip a coin to decide his fate: "Cara o cruz te vas, te quedas / Pon mi suerte en este centavito" [Heads or tails you go, you stay / Put my luck in this little centavo]. It's a dramatic, all-or-nothing plea from a man who has staked his whole life on one last chance.