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Whisk mayonnaise, lime juice, and chili powder together in a bowl until evenly combined. Set aside.
Heat a large cast iron skillet over medium-high heat. Add corn and cook for 5 minutes without stirring. Toss around with a spatula and cook until corn has started to brown, about 3 minutes more. Remove from heat.
Add reserved mayonnaise mixture and stir until evenly combined. Add cilantro and stir again. Transfer to serving plates and sprinkle cotija cheese over the top.