Preheat your grill to high heat (about 450°F to 500°F).

In a small bowl, combine the smoked paprika, dried oregano, garlic powder, onion powder, salt, and black pepper to create a spice rub.

Pat the porterhouse steak dry with paper towels. Rub the steak with olive oil on both sides, ensuring it’s evenly coated.

Generously sprinkle the spice rub over both sides of the steak, pressing it into the meat to adhere.

Place the steak on the grill and sear for about 4-5 minutes on each side for medium-rare, adjusting the time to achieve your desired doneness.

While the steak is grilling, prepare the chili-lime butter. In a small saucepan, melt the butter over low heat. Stir in the lime zest, lime juice, and chili powder. Mix well and keep warm.

Once the steak reaches your preferred doneness, remove it from the grill and let it rest for 5-10 minutes.

Slice the steak against the grain and drizzle with the chili-lime butter. Garnish with fresh cilantro before serving.