In a small bowl, combine the softened butter, fresh cilantro, lime juice, and minced garlic. Mix well until all ingredients are fully incorporated.

Spoon the mixture onto a piece of plastic wrap, shape it into a log, and refrigerate until firm.

Pat the filet mignon steaks dry with paper towels to remove excess moisture.

In a small bowl, mix together the smoked chili powder, lime zest, salt, and black pepper. Rub the olive oil over the steaks, followed by the spice mixture, ensuring an even coating.

Preheat your grill or smoker to medium-high heat. Place the seasoned steaks on the grill and cook for about 4-5 minutes on each side for medium-rare, adjusting the time according to your desired doneness.

Use a meat thermometer to check the internal temperature, aiming for 130°F (54°C) for medium-rare.

Once cooked to your preference, remove the steaks from the grill and let them rest for 5 minutes. This allows the juices to redistribute.

Slice the compound butter into rounds and place a piece on top of each resting steak. Serve immediately, allowing the butter to melt over the warm steak.