Add lime juice, seeded jalapeno, cumin, salt, garlic powder, and dried basil to a food processor or blender.
Blend for 15-20 seconds. Check to make sure the jalapeno is pulverized. If not, blend for a few more seconds until you achieve a smoother consistency.
Hit blend again and slowly drizzle in extra virgin olive oil, blending for 20-30 seconds to emulsify.
For best results, refrigerate for 2 hours before use.