I Won't Tell The Elephant in the Room Fat Joe

mami's lookin' like America's top model

America's top model has attractive women and mami (short for mamicita) looks like she could appear on the show.
awhite99mustang
"Mami" is a term used by Latino Americans, similar to "girl" or "honey", and Joe is saying that a particular woman looks like she could be the winner of Americas Next Top Model, a hit TV show
tbrisbois
America's (Next) Top Model, a popular TV show in America often showcases beautiful women. The lyric is comparing the women the artist dates to beautiful women on the popular show
Mr5Star