In a large bowl, whisk together 1/4 cup hot sauce, 2 tablespoons honey, 1 tablespoon lime juice, garlic powder, chili powder, salt, cumin, smoked paprika, onion powder, and black pepper until smooth.
Measure out 1/4 cup of the marinade and set it aside in a small bowl for the glaze; pour the remaining marinade into a shallow dish or resealable bag.
Add the chicken breasts and 2 tablespoons olive oil to the dish or bag and toss to coat evenly; refrigerate to marinate for at least 2 hours or up to overnight.
Make the glaze by whisking the reserved 1/4 cup marinade with 1 tablespoon honey and 1 1/2 teaspoons lime juice; refrigerate until ready to use.
If cooking on the stovetop, let the marinated chicken sit at room temperature 15–30 minutes while you heat a large non-stick skillet over medium-high heat.
Once the skillet is very hot, add the chicken and cook undisturbed 3–5 minutes until nicely browned; flip, cover, reduce heat to medium, and cook 5–7 more minutes until cooked through.
If grilling, preheat and oil the grill to medium (375–450°F). Grill chicken undisturbed 5–7 minutes per side until an instant-read thermometer registers 160°F.
Remove chicken to a cutting board and let rest 5 minutes, then slice and brush with desired amount of the honey-lime glaze before serving.