In a saucepan, heat butter over medium heat until melted. Add rice and stir to coat.
Add in water, salt, lime juice and lime zest. Bring to a boil, reduce heat, cover and simmer for 30-35 minutes, or until liquid is absorbed.
Remove from heat and let rest for 5-10 minutes. Fluff rice with a fork, then stir in the chopped cilantro. Serve with lime wedges for spritzing on top of individual servings.