Preheat your oven to 350°F (175°C). Line a 12-cup muffin pan with paper liners.
In a large bowl, whisk the eggs, sugar, melted butter, vanilla, coconut milk, and lime zest until smooth.
In a separate bowl, whisk the flour, baking powder, and salt. Gently fold it into the wet mixture until just combined. Don’t overmix.
Scoop the batter into the cupcake liners, about 2/3 full. Bake for 18–20 minutes, or until a toothpick comes out clean.
Let the cupcakes cool in the pan for 5 minutes, then move them to a wire rack to cool fully.
In a bowl, beat the cream cheese and butter until creamy. Add powdered sugar gradually, then mix in lime juice, zest, and vanilla. Beat until fluffy.
Frost the cupcakes once they’re cool. Add lime zest, toasted coconut, or a lime slice on top if you’d like.