Add the sour cream, mayonnaise, and hot sauce to a medium bowl. Whisk until smooth and fully combined.
Add the chili powder, cumin, garlic powder, and onion powder. Whisk again until the spices are fully incorporated and the sauce is uniform in color.
Add the lime juice and a pinch of salt. Stir and taste — adjust heat or acidity as needed.
Transfer to a jar or squeeze bottle. Refrigerate for at least 15 minutes before serving to let the flavors develop.
Notes
For a lighter version, substitute Greek yogurt for the sour cream. Add an extra tablespoon of hot sauce if you prefer more heat. Store in an airtight container in the fridge for up to 1 week.