Step 1

Melt butter in a large saucepan over medium heat. Cook shallot and jalapeños, stirring often, until shallot is starting to turn golden, about 4 minutes. Add cranberries, honey, and salt and increase heat to medium-high.

Step 2

Bring to a boil and cook, stirring often and reducing heat as needed to avoid scorching, until cranberries burst, juices are syrupy, and pan is visible when a wooden spoon is dragged across the bottom, 12–15 minutes.

Step 3

Remove from heat and stir in lime zest and juice; let cool.

Step 4

Do Ahead: Sauce can be made 1 week ahead. Cover and chill.