The Verdict: Clear Path
You meet the general five-year residence rule, so you can apply. Gather your residence cards covering the period and prepare for the exam, then apply to the foreign ministry (SRE).
On what you have told us, you hold permanent residence and have five years of residence in Mexico, which is what the general rule and the ministry's practice ask for. The years must run up to the application, so avoid long absences before you file.
You will also sit the foreign ministry's exam on Spanish, Mexican history and civic culture, which is a common reason for refusal. The formal renunciation of your other nationality is asked for only once the ministry has decided to grant.
Common reasons for refusal are gaps in the residence history, missing documents and the exam, so a clean, complete file matters more than anything else.
Weigh one thing before you apply. Nationality by naturalisation, unlike nationality by birth, is lost by voluntarily taking another nationality, using a foreign passport, or living five continuous years outside Mexico.