Vagabundas is a beautiful and poetic word that literally means "vagrant" or "homeless". In this song, it's used to describe something as "wandering" or "fleeting".
The lyrics say, "...ilusiones vagabundas que se dejan alcanzar" (wandering illusions that let themselves be caught). This striking image describes a lover who chases after easy, shallow attractions instead of accepting the singer's deep, unconditional love.
In this track, US Regional Mexican group Eslabon Armado brings you a confession about being way too deep in love with someone who barely notices. Right from the start, the singer admits an overwhelming obsession with the line "Nunca es suficiente para mí / Porque siempre quiero más de ti" ("It's never enough for me / Because I always want more of you"). While his own heart is practically bursting, he calls out his partner for taking it for granted: "¿Y tú qué crees que esto es muy normal?" ("And you think this is totally normal?"). To him, the depth of this feeling is brand new, but his lover is just completely desensitized to romance.
Then comes the confrontation. Instead of valuing real dedication, the partner is out "jugando a enamorar" ("playing at making people fall in love") and chasing "ilusiones vagabundas" ("wandering illusions"). The phrase "ilusiones vagabundas que se dejan alcanzar" refers to cheap, easy thrills that are simple to catch, contrasting sharply with the unconditional love being offered at home. The song ends on a bitter promise of regret: "Te perderás dentro de mis recuerdos / Por haberme hecho llorar" ("You will get lost inside my memories / For having made me cry"). It is a dramatic, honest look at what happens when your 100% effort meets somebody else's casual game.