Preheat your oven to 400°F (200°C).
In a large bowl, combine the halved Brussels sprouts with olive oil, chili powder, smoked paprika, garlic powder, salt, and black pepper. Mix until the Brussels sprouts are evenly coated.
Spread the Brussels sprouts in a single layer on a baking sheet.
Roast in the preheated oven for about 25 minutes, stirring halfway through, until the Brussels sprouts are crispy and golden brown.
While the Brussels sprouts are roasting, prepare the sauce: In a small bowl, mix together mayonnaise, lime juice, and hot sauce if using. Set aside.
Once the Brussels sprouts are out of the oven, drizzle the mayo-lime sauce over them and toss to coat well.
Sprinkle crumbled cotija cheese and chopped cilantro over the top before serving.
For a little extra heat, consider adding jalapeños or a sprinkle of cayenne pepper.
Serve as a side dish with grilled meats or as a part of a vegetarian meal.
Leftovers can be stored in an airtight container in the refrigerator for up to 2 days. Reheat in the oven for best results.