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Mix mayonnaise, lime zest and juice, paprika and cayenne in small bowl. Refrigerate until ready to serve. Peel back the corn husks without removing husk or stem. Remove all of the corn silk. With husks pulled back, tie together with piece of husk.
Grill over medium-high heat 10 minutes or until corn is tender and lightly charred, turning occasionally.
Spread mayonnaise mixture over corn. Sprinkle with Cotija and additional paprika, if desired. Serve immediately.
To Prepare in the Air Fryer: Reduce recipe ingredients by half, or prepare in 2 batches (only about 4 ears of corn will fit in an air fryer basket). Remove husks and silk strands from corn. Mix mayo, lime zest and juice, paprika and cayenne in small bowl; set aside. Brush corn lightly with oil. Preheat air fryer to 370°F. Place corn in single layer in basket; do not overcrowd. Air fry 12 minutes or until tender, turning corn halfway through cooking. Spread mayo mixture over hot corn. Sprinkle with Cotija cheese and additional paprika, if desired. Serve immediately. Don't forget to spice it up with your favorite Cholula® Hot Sauce!