In a review of
El Tren de los Momentos, Jason Birchmeier of
AllMusic pointed out "Te Lo Agradezco, Pero No" as a highlight on the album. In another article, he described the song as a "passionate duet". Chuck Arnold, Ralph Novak and Monique Jessen, writing for
People magazine, also pointed out the track as one of the best on the record, adding that the duo managed to "again bring the tropical heat" with it. A writer of
Billboard noted that instead of only trading vocals on the song, the singers delivered "full duet lines". The single won an
Oye! award in Mexico for Song of the Year in 2007. It was also nominated in the category The Perfect Combo at the
2007 Premios Juventud. At the 16th Annual
ASCAP Latin Music Awards held on 16 May 2008, "Te Lo Agradezco Pero No" was recognized as the Pop/Ballad of the Year. The recording further was nominated in the category for Best Vocal Duet or Collaboration at the
2008 Latin Billboard Music Awards, but lost to "
Pegao" (2006) by
Wisin & Yandel. "Te Lo Agradezco, Pero No" was included at number seven on the list of 15 Best Duets by Shakira published by
E! Online Latino in 2016. On the US
Billboard Hot Latin Songs chart, "Te Lo Agradezco, Pero No" debuted at number 22 for the chart issue dated 10 February 2007. It entered the top ten of the chart two weeks later and ascended to the top in its fifth charting week on 10 March 2007 replacing "
Manda una Señal" by
Maná, spending a total of 14 weeks on the chart. ==Music video==