Here's a breakdown:
* Mi: This is the possessive pronoun "my" in Spanish.
* Lokito: This is a diminutive form of "loco," which means "crazy" or "mad." The "-ito" ending makes it a more endearing and playful term.
It's important to note that the context is crucial in understanding the meaning. While generally affectionate, "mi lokito" can also be used teasingly depending on the situation and relationship between the speakers.