Generaly an insult to woman meaning your man is cheeting on you, or in past tense you were being cheated on. Also used in a group of girl friends as fucker, bitch, ass-hole.
"Hi fucker, what you doing tonigt?"
"Valla cabrona, que vas a hacer esta noche?"
"Bitch, last night I saw your man with that slut."
"Cabrona, anoche vi a tu marido con esa puta"