Fill a cupcake tin with brightly-colored liners and preheat oven to 350 degrees F.
Cream together butter, sugar, and vanilla. Stir in eggs one at a time, mixing between each addition, before mixing in lime juice and milk.
In a separate bowl, combine flour and baking powder. Slowly mix into main batter.
Once all ingredients are completely combined, fill cupcake liners ¾ full. Bake for 12-17 minutes, until a toothpick placed in the center of each cupcake comes out clean.
While cupcakes are baking, combine tequila and triple sec in a small bowl. While cupcakes are cooling but still warm, use a pastry brush to sweep the alcohol mixture over the surface of the cupcakes. Repeat over cupcakes until you have used all of the alcohol mixture.
While the cupcakes are cooling, prepare your icing. Beat together butter and cream cheese using an electric mixer. Once thoroughly combined, mix in vanilla bean paste. Slowly add powdered sugar until the mixture is creamy. Mix in lime juice and zest.
Place icing in a piping bag and frost cupcakes as desired.
You may substitute tequila and triple sec with lime juice and/or orange juice, if you would prefer to avoid alcohol in these treats.
Keyword cinco de mayo, cocktail, cupcakes, dessert, lime, margarita