President Nicolas Maduro presented an altered version during his weekly television show on Sunday.
The reworked lyrics promoted his plans for a controversial new citizen's assembly, which will be elected on Sunday to rewrite the constitution.
Puerto Rican stars Luis Fonsi and Daddy Yankee branded it an outrage.
The president was seen clapping along to the remix, as his audience danced.
"Our call to the 'Constituent Assembly' only seeks to unite the country ... Despacito!" go the new lyrics.