New Freezer single cover
Rich The Kid and Kendrick Lamar are bragging about the jewelry they got. Diamond encrusted jewelry is also called "freezer" or "ice" because the diamonds look like ice.
All they really talk about is buying expensive stuff and having girls. They mention a few renown brands:
New bitch wanna fuck to my AP
(AP is short for Audemars Piguet, they make expensive watches)
Maserati go speed race
Big shot, hol' up, wait, peanut butter insides
No, outside, cocaine white, body look like Gentiles
(most likely referencing a Bentley car)
He want a lot with new Bentleys again
(yep there we go)
If you wanna know some more about the lyrics, Genius got you covered here with some annotations by Rich The Kid himself.
I definitely recommend you give Kendrick's part a shot even if you don't like Rich The Kid's one.
The track has got an official video:
Get the lyrics on Genius
Playlist of all Tracks of the Day: http://spoti.fi/2DuGZ4s
Let me know about your favorite Rap tracks in the comments!