"When I was told that Will Smith wanted to collaborate on a remix with Bomba, I couldn't believe it," he said in a statement, hailing the rapper-actor for making an effort in Spanish.
Fiesta is up for two Latin Grammys next month.
Smith was first known as half of the duo DJ Jazzy Jeff and The Fresh Prince in the 1980s, when hip-hop was becoming mainstream in the United States.
Amid widespread media criticism of rap's language and themes, the duo won radio play with clean-cut tunes such as Parents Just Don't Understand.
Smith went on to star in the TV series The Fresh Prince of Bel-Air and has emerged as one of Hollywood's most successful actors, with movies such as the Men in Black series, Ali and The Pursuit of Happyness.
Smith's last album was Lost and Found, which came out in 2005 to a mixed reception.
But Smith earlier this year said that he had gone to a studio with rap giant Kanye West, although Smith stopped short of saying whether the end result would be released.
Our top five favourite Will Smith jams (in no order):
