Bring a large pot of water to a boil. Shuck the corn, remove the silk and stalk. Add the corn to water, cover and cook for 5 minutes, then remove.
When corn is cool enough to touch but still warm, insert wooden stick into core as a handle.
Brush corn with 1 tablespoon of mayonnaise, sprinkle with 2 tablespoons cheese and squeeze of lime wedge. Add hot sauce and chili powder to taste. Repeat with remaining ears of corn and serve.
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Notes
If fresh sweet summer corn on the cob isn't available, frozen corn on the cob can be used.
For the chili powder, my personal favorite is Tajin, which is a chile-salt blend. Ground ancho chile is also a great choice.
There are so many options when it comes to hot sauce, but my favorites for Mexican street corn are Valentina or Tapatio. Add as much or little as you like depending on your spicy tolerance and enjoy!