Cazadora literally translates to "huntress". It's a powerful and uncommon word to hear in a romantic or dance song, which makes it very memorable.
In the lyrics, Yandel sings, "Ella es encantadora y cazadora" (She is enchanting and a huntress). He uses this metaphor to describe a woman who doesn't just passively attract him; she actively and skillfully captures his heart, making her both alluring and formidable.
In "Encantadora," Yandel tells a classic story of falling hard and fast for someone on the dance floor. He starts by telling us he's not the type to fall in love, singing, "Yo que no creo en el amor" (I who don't believe in love). But this woman is different. He admits he fell right into her trap: "En su juego redondito caí y me enamore" (I fell for her little game and fell in love). She has a powerful effect on him, even from a distance. Just watching her is enough to get him worked up, as he says, "sin tocarla me acalora" (without touching her, she heats me up).
He sees her as a mix of sweet and dangerous, calling her an "encantadora y cazadora" (enchantress and huntress). The song quickly moves from admiration to a very direct desire to be alone with her. He wants to get intimate and makes no secret of it, with lines like, "De jalarte por el pelo / Y besarte por el cuello" (To pull you by the hair / And kiss you on the neck). He's completely obsessed, caught in a cycle of watching her, wanting her, and trying to find a way to make her stay.