"BACANO" is pure good mood. Silvestre Dangond, the Colombian vallenato star, keeps repeating "Contigo me siento bacano" (with you I feel great), and that one word does all the heavy lifting. Bacano is very Colombian slang for cool, awesome, really good, so the whole chorus is basically him saying he feels amazing when he is with her. Then he admits it outright: "Ahora sí estoy enamorado" (now I really am in love).
The verses are sweet and a bit over the top, in the best way. She has him "viviendo en otro planeta" (living on another planet), he has "desconecté de todo en el mundo" (unplugged from everything in the world), and he does the maths, "Multiplico, sumo y saco la cuenta" (I multiply, add and do the sums), only to conclude he would not swap places with anyone. Later she is "La mujer más bella del universo" (the most beautiful woman in the universe), and he feels "que subo hasta el cielo" (that I rise up to the sky). The shouted bits in the middle, like "Barranquillero, ¿cómo está la nota?" (hey Barranquilla guy, how is the party going?), are party hype: a barranquillero is someone from Barranquilla on Colombia's Caribbean coast, and la nota is slang for the fun or the buzz of the moment.