It was digitally released on 30 November 2018 as the second single for her sixth studio album Yo (2019) by Global Records and Roc Nation, although having already been made available for streaming and airplay earlier that month.

[1] "Iguana" was written by Inna and Cristina Maria Chiluiza, while production was solely handled by David Ciente; he also engineered the song, and Max Kissaru provided mixing and mastering.

[4] Originally, it was announced that "Iguana" would be released as Yo's second single on 16 November 2018, but plans were scrapped;[5] nonetheless it was made available for streaming by Roc Nation and was sent to Romanian radio stations that same month.

[10] It starts "gentle and rhythmically whilst Inna goes in hard with her lyrics" until the refrain is reached; there, club beats are introduced and the singer powerfully repeats the line "Sigo bailando sin ti" ("I keep dancing without you").

[10] During the song's Spanish language lyrics,[11] Inna implies an empowerment message and sings about a jealous and lovesick woman, who ultimately learns to continue enjoying her life without her love interest.

The staff of Cancan magazine praised the song's dance nature and Inna's energetic attitude,[12] while both Mike Wass of Idolator and CelebMix's Jonathan Currinn called the track catchy.

Wearing a reversible sequined jacket—which reads the phrase "Rest in Peace" on its back—over floral underwear paired with trainers, the singer stumbles "hazily, possibly from a night out" and "probably drunk," encountering her "lost love" which resides with another woman at an outside bar.

Interspersed shots show her on a stage in front of Wilburn & Sons Wagon And Blacksmith Shop with a backup band, where she performs to the song and tosses her hair back and forth; Inna "does not let the incident ruin her night" as she repeatedly affirms that she will continue dancing, even if her love interest is not present.