Ondeado is a colorful piece of Mexican slang built from "onda" (wave), so its literal sense is "wavy" or "rippled," but on the street it means something closer to "messed up," "out of it," or "lit." It shows how Mexican Spanish turns a simple physical image into a vivid emotional state.
Peso Pluma sings "Soy adicto a la niña fresa, por eso me trae bien ondeado" ("I'm hooked on that preppy girl, that's why she's got me so lit"), using the word to capture just how dazed and obsessed she makes him feel. It's a great example of real, contemporary Mexican slang you won't find in a textbook.
This song is a whole mood! Peso Pluma gets a call from an ex who, he knows, just got back with her old boyfriend. He's immediately suspicious, asking, "¿Que ya te aburriste? ¿O por qué me llamas otra vez?" (Are you bored already? Or why are you calling me again?). She clearly wants to hook up because her new guy isn't cutting it, and even though Peso Pluma is annoyed, he's also a little tempted.
He makes it very clear that he's moved on and is just doing her a favor. He's got a new girlfriend now, and he draws a pretty blunt line between how he treats them: "Ya traigo una güera que trato como princesa / Pa' ella pesos, pa' ti palos" (I already have a blonde girl I treat like a princess / For her, money, for you, whacks). He then compares her bad behavior to his own, admitting her mom thinks he's a drug addict but arguing that she's worse because she broke his heart and is now trying to cheat on her boyfriend with him. It's a song full of confidence, heartbreak, and some seriously bold claims.