Preheat your grill to medium-high heat, approximately 400°F.
In a small mixing bowl, combine the softened butter, lime zest, lime juice, chopped cilantro, chili powder, kosher salt, and black pepper. Mix vigorously until smooth and well incorporated.
Place the husked ears of corn directly onto the hot grill grates. Cook for 10 to 12 minutes, turning every 2 to 3 minutes, until the kernels are tender and lightly charred on all sides.
Remove the hot corn from the grill and transfer to a serving platter.
Immediately brush the warm corn generously with the prepared chili lime butter.
Serve hot, garnished with additional chopped cilantro and lime wedges if desired.