1. Toast quinoa in medium saucepan over medium-high heat, stirring frequently, until quinoa is very fragrant and makes continuous popping sound, 5 to 7 minutes. Transfer quinoa to bowl and set aside.

2. Return now-empty pan to medium-low heat and melt butter. Add onion, chile powder, salt, and cumin; cook, stirring frequently, until onion is softened and light golden, 5 to 7 minutes.

3. Increase heat to medium-high, stir in water and quinoa, and bring to simmer. Cover, reduce heat to low, and simmer until grains are just tender and liquid is absorbed, 18 to 20 minutes, stirring once halfway through cooking. Remove pan from heat and let sit, covered, for 10 minutes. Fluff quinoa with fork; stir in queso fresco cheese, peanuts, scallions, and lime juice; and serve.

Serves 4 to 6