It's the first pre-released single from Rae Sremmurd's upcoming album "SremmLife 3", which is expected to be the last album of their "SremmLife" trilogy.
The second single pre-released from "SremmLife 3" was "T'd Up" on February 5, 2018.
A Pegasus is a winged horse in Greek mythology, as you can also see in the video.
When Swae says
Jump in the Pegasus
he means foreign cars with butterfly doors though.
On the track, Slim Jxmmi talks about people misspelling his name:
Say my name (Jxm)
They ain't know how to spell it, so I put it on my chain
Sadly for him, he lost the mentioned chain worth 100k $ in a crowd surf in Paris.
"Perplexing Pegasus" has got an official music video, which dropped November 17, 2017, on YouTube:
I love this beat I wish I had that clap
Yea the beat's insane, listened to the Instrumental so many times