Q:

Can I say "I want to pay my owe"

Sometimes I want to say because I owe you, I want to pay my owe with money.
Can I say "pay my owe" and is it a correct collocation?

A:

No, you can't use "owe" like that, as a noun. You could say "I want to pay you what I owe you", using "owe" as a verb.

