Desacatado literally means 'disobedient' or 'contemptuous'. In the high-energy context of "Pepas", it's slang for being completely wild, uninhibited, and letting loose on the dance floor.
Farruko uses this powerful adjective to paint a picture of the entire club losing control and giving in to the music's energy. It perfectly captures the song's core theme of a carefree, explosive party where all rules are off.
Farruko kicks off this high-energy reggaeton track with a blunt philosophy: live your own life and ignore gossip. He spells it out right away with "Viva usted su vida, que yo vivo la mía" [Live your life, and I will live mine], pointing out that life is short and you cannot turn back the clock ("el tiempo se acaba y pa'trás no vira" [time runs out and doesn't turn back]). From there, the scene shifts straight into an all-night club binge of drinking, smoking, and partying until sunrise.
The chorus is wild, repetitive, and packed with nightlife slang. The famous hook "Pepa y agua pa' la seca" literally means "Pills and water for the dry mouth," describing people taking party pills in the club ("discoteca") and drinking water to deal with dehydration ("la seca"). When Farruko chants "desacatado" [unruly / out of control] and "empastillado" [high on pills], he is hyping up a party where nobody cares about tomorrow. He brags that "la movie la tenemos prendida" [we keep the movie lit], using the slang la movie to say they are living life as lavishly as a film scene, keeping the hookahs lit and the bottles high until daylight breaks.