Prepare the Base: Mix mayonnaise and sour cream in a bowl until smooth.
Add Spices: Stir in garlic powder, onion powder, smoked paprika, sugar, salt, and cumin.
Incorporate Chipotle Pepper: Finely chop chipotle pepper and mix into the sauce.
Add Lime Juice and Water: Squeeze in lime juice and add water gradually to reach desired consistency.
Taste and Adjust: Adjust seasoning with more salt, lime juice, or chipotle pepper if needed.
Chill and Serve: Refrigerate for 30 minutes to let flavors meld. Serve as a dip, drizzle, or spread.