Chambean is a cool slang term from the verb chambear, which means 'to work' or 'to hustle'. It's widely used in Puerto Rico and is a great example of modern, informal Spanish.
In the song, Bad Bunny uses it to talk down to his rivals. He says, "Chambean, chambean, pero no jalan" which means 'They hustle, they hustle, but they don't deliver'. He's essentially saying that while his competitors try hard, they don't get real results like he does.
"I Like It" is a high-energy celebration of wealth, success, and living in pure luxury. Cardi B kicks things off by listing everything that makes her happy: signing million-dollar contracts, buying designer shoes ("those Balenciagas, the ones that look like socks"), and collecting luxury cars. She drops fun slang like "eating halal, driving the Lam'" (short for Lamborghini) and jokes about chasing money like the video game character Mario ("'Bout my coins like Mario"). She loves the sweet satisfaction of proving her doubters wrong and watching exes crawl back for a second chance.
When Bad Bunny and J Balvin hop on the beat, the party turns bilingual. Bad Bunny brags that brands just give him sneakers for free ("a mí me las regalan" [they give them to me for free]) while calling out posers who act tough but never fire their weapons ("Chambean, chambean, pero no jalan" [They cock their guns, they cock their guns, but they don't pull the trigger]). He also shouts out women from all over the Caribbean and Latin America, alongside salsa legend Bobby Valentín and TV star Charytín. J Balvin follows up by comparing his sweet style to salsa icon Celia Cruz's famous catchphrase ("Como Celia Cruz tengo el azúcar" [Like Celia Cruz, I have the sugar]) and reminds everyone that his face is on Billboard magazine. It is loud, boastful, and impossible not to dance to.