Preheat the oven to 325 F.
In a medium sized bowl combine the flour, baking powder, and salt. Sift or whisk together until well combined.
In a separate cream the sugar and butter together, then add each egg in the bowl - but one at a time, and mix in.
Mix the wet ingredients until everything is nice and creamy, then add in the lime juice, vanilla extract, and lime zest.
Alternate adding the dry ingredients and the coconut milk into the bowl of wet ingredients.
Once the batter is nice and smooth, fill your baking cups, but only pour about 1/4 cup of batter into each baking cup.
Bake the cupcakes in the oven, on 325 F, for about 20 minutes.
Remove the cupcakes from the oven, and let them cool in the cupcake pan for about 5 minutes, then remove them, and place them on a cooling rack.
While the cupcakes are cooling, make the frosting.
Place 1 stick of unsalted softened butter, and 8 oz of softened cream cheese into a medium sized mixing bowl.
Cream the two ingredients together.
Sprinkle in about 5 cups of confectioners sugar( you can add more if you'd like), and mix.
Next, pour in two tbsp of lime juice, and 2 tsp of vanilla extract. Mix until the frosting it's nice and creamy.
Once the cupcakes are cool, frost the cupcakes however you desire.
I used lime pieces and toasted coconut to garnish the cupcakes, but that is completely optional.