I think my penpal is my pencil, I got lead up out this bitch
A penpal is a friend that you send and receive letters from.
Los is saying that his pencil or writing utensil is his pal, because he writes with it.
Lead is the graphite material in a pencil.
To help improve the meaning of these lyrics, visit "Look At Me Now (Freestyle)" by Los Lyrics and leave a comment on the lyrics box