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Mix mayonnaise, lime juice and salt in large bowl; set aside.
Heat oil in large nonstick skillet on high heat. Add jalapeno; cook and stir 2 minutes or until softened. Stir in corn and spread mixture into an even layer in skillet. Cover and cook, without stirring, about 2 minutes. Stir, cover and cook 1 minute longer. Add chili powder; cook, uncovered, 30 seconds, stirring constantly.
Transfer corn mixture to bowl with mayonnaise mixture; toss gently to coat. Stir in Cotija and cilantro until evenly mixed. Serve immediately with lime wedges.