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Step 1
Place snapper fillets in a glass baking dish. Pour lime juice all over the fish then season with salt and pepper. Refrigerate for about 30 minutes.
Step 2
Place the annatto seeds in a medium skillet over medium high heat. Add the oil and give the pan a swirl making sure the pan is fully covered with the oil. Simmer for a few minutes stirring once or twice. The oil should turn a dull orange or near. Set aside.
Step 3
Using a mortar and pestle mash up the garlic, cumin, oregano, salt, and pepper into a smooth thick paste. If you don't have a mortar and pestle place all the ingredients in a plastic ziplock bag then use a rolling pin to mash and form the paste.
Step 4
Heat the achiote oil in a large heavy bottom skillet over medium heat. Add the diced onions and peppers then saute 4-5 minutes stirring occasionally. Onions should be a bit translucent.
Step 5
Add the garlic paste to the pan with the vegetables. Saute another 3-4 minutes.
Step 6
Add coconut milk and cilantro. Stir constantly until the sauce thickens a bit. This should take about 5-7 minutes. Taste for seasoning. Add more salt or pepper depending on taste.
Step 7
Remove the snapper from the marinade. Add to the skillet with the coconut mixture skin side up. Cover, reduce heat, and cook on low heat for 10-12 minutes. Fish should flake pretty easily.
Step 8
After about 5-6 minutes of cooking use a spoon and baste the sauce on top of the fish every few minutes. Remove from the pan to a large plate. Serve with white rice and garnish with more cilantro and lime wedges