In a heavy 2-quart saucepan, heat the oil or butter over low heat. If using butter, stir it occasionally until melted.
Add the rice and lime juice and stir for 1 minute.
Add the water and salt. Raise the heat and bring to a boil. Cover, turn down the heat to low and simmer until the rice is tender and the water is absorbed about 25 minutes.
Fluff the rice with a fork and stir in the cilantro.
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Recipe Tips
For the most authentic flavor, add the lime juice and cilantro just before serving. This preserves the bright flavors that can diminish with prolonged cooking. If you're meal prepping, consider adding fresh lime juice when reheating for the best taste experience.