Le encanta el poder y le atrapa la noche

She loves power and the night ensnares her

Caption 6, Chayanne - Lola

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The Spanish verb encantar literally means "to enchant" or "to delight greatly," so when Chayanne sings "le encanta el poder," he means to say that "power enchants her" or "power delights her." In English we would simply say "she loves power." If this looks a lot like the way we use gustar (to please) when we want to say someone "likes" something, that's because encantar belongs to a family of verbs known as "verbs like gustar." These verbs always take an indirect object pronoun, usually to refer to the person who in the English version would be the subject, and in this example the "le" is the indirect object pronoun (her), referring to "Lola."

Atrapar/"to trap; to ensnare" is NOT a "verb like gustar," but Chayanne, in the interest of lyrical flow, seems to be doing his best to set it up like one. First, notice he is putting the subject la noche/"the night," after the verb atrapa/"ensnares" (a bit unusual, but not incorrect). Secondly, he is referring to Lola using the indirect object pronoun "le," but in this case it is really acting as a direct object pronoun. You can tell because it answers the question "what?" about the verb ("The night ensnares 'what?' It ensnares her") rather than the question "to whom?" or "for whom?" which would call for an indirect object pronoun.

Note that, unlike indirect object pronouns, the direct object pronouns in Spanish DO have gender distinctions, "lo" for him and "la" for her. Chayanne could have expressed the same sentiment by putting the subject before the verb and using the proper direct object pronoun, making it clearer for most Spanish learners:

La noche la atrapa.
The night ensnares her.

Strictly speaking, "le" is not to be used as a direct object at all, but Chayanne, like a great many of his fellow Spanish speakers, IS using "le" as a direct object. The phenomenon of using the indirect object pronoun "le" (or its plural "les") where you technically should have used a direct object pronoun is known as "leísmo," and its use varies by region. It is common enough that it is not always heard as "wrong" by a great many Spanish speakers, and there are even a few cases where "le" is seen, even by the strictest grammar mavens, as an acceptable alternate to the "proper" direct object pronouns.

These "acceptable" cases of leísmo usually involve the substitution of "le" for the masculine direct object "lo," but Chayanne is substituting "le" for the feminine direct object "la"—which, while not entirely unknown in colloquial Spanish, is usually not considered "acceptable" by those with learned opinions on such matters (such as the RAE).
 

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Further reading:
https://www.thoughtco.com/leismo-and-related-variations-3079360
http://buscon.rae.es/dpdI/SrvltGUIBusDPD?lema=leísmo

Carambola: more than tricky pool
 

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We already know Chayanne from the tv series Provócame, where he portrays a shy stable hand who also sings the show's sanguine theme song. Now we encounter his wilder side, singing about Lola, a jet-set party-loving socialite who might even be a bit dangerous:
 

Como disfrutas la carambola, Lola

How you enjoy deceit, Lola

Caption 15, Chayanne - Lola

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But how does carambola translate as "deceit?"

The usage evolves from a billiards shot (known in English as a cannon), whereby the cue ball ricochets off its target and hits a third ball, seemingly by chance, in a way that's beneficial to the player. The word comes from a pocket-less type of billiards known in English as carom billiards, and in Spanish as billar de carambolas (or just carambolas) where these types of rebounding shots are standard and can be amazing to watch.

So when someone (like Chayanne's Lola) plays her hand to achieve some benefit and makes it look like an accident, she is doing una carambola. A skillful billiards player bounces off one ball to hit another, and a skillful conman sets a trap that does not directly point back to him.

Estoy seguro que los políticos están haciendo carambola.
I'm sure that the politicians are doing something illicit.

However, not all uses of the term have negative overtones. Because the carambola shot appears to be fortuitous by happenstance, de carambola can also simply refer to chance, good luck, or "dumb luck."

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Vine a recoger unos papeles y me encontré con Camilo de carambola.
I came to pick up some papers and I found Camilo by chance.

Pateó al arco, el balón golpeó en un defensor y entró de carambola.
He kicked toward the goal; the ball hit a defender and went in by luck.