In a small bowl, whisk together peanut butter and warm water until smooth. Don’t worry about lumps—smooth is the goal here.
Stir in coconut milk, soy sauce, lime juice, garlic, and ginger. Whisk until everything is beautifully combined and smells like a tropical vacation in a pan.
Drop in red pepper flakes and honey (if using). Taste and adjust with salt or lime—you want a balanced tangy-sweet-little-spicy vibe.
Keep whisking on low heat for 2–3 minutes to let the flavors mingle. The sauce should thicken a bit; if it’s too thick, splash in a little water, a teaspoon at a time.
Remove from heat. If you’re plating right away, let it cool for a minute so it won’t scorch delicate proteins. Serve warm or at room temp.