Whisk mayonnaise, lime juice, and chili powder together in a bowl until combined; set aside.

Heat a large cast-iron skillet over medium-high heat. Add corn; cook without stirring for 5 minutes. Toss with a spatula; continue cooking until starts to brown, about 3 minutes more. Remove from heat.

Stir mayonnaise mixture into corn until evenly coated; stir in cilantro. Top servings with cotija cheese.