The lyrics of Jay Wheeler's song "Peligrando" talk about a romantic relationship that is experiencing some uncertainty and danger. The singer expresses his desire for the other person and how he can't help but reach out to them even late at night. The line "Mami, sabes que llevo rato, llevamos rato peligrando" translates to "Baby, you know we've been in danger for a while." It suggests that the relationship has been on shaky grounds for some time. The lyrics also mention codes and staying in luxury hotels, indicating that the couple has had upscale experiences together. However, there seems to be a push and pull dynamic in the relationship, with the other person not fully committing. The line "Me trata de rookie, solo enseña las boobies" suggests that the person doesn't take the singer seriously and only shows a superficial side. Despite the uncertainty, the singer's desire for the other person intensifies. He confesses that it was their fault for making him feel this way, and he suggests that they should give their relationship a try and see what happens. The chorus reiterates the singer's persistence and his belief that his desire for the other person is strong, with the line "Mi deseo tiene tu número y te está llamando" meaning "My desire has your number and is calling you." Overall, the song portrays a relationship full of risk and uncertainty, where one person is eager to take things to the next level while the other is more hesitant.