In a medium-size bowl, combine the softened butter, chili powder, garlic powder, lime juice, and salt.
Use a wooden spoon to mix the ingredients together until they are well combined.
Cover the bowl and place it in the refrigerator to chill for at least 4 hours.
Preheat the grill to medium-high heat.
Remove the husks and silk from the corn, and brush the cob lightly with olive oil.
Place the corn on the hot grill and cook, turning often, for 10-15 minutes or until the corn is tender and lightly charred.
Brush each cob with the Chili-Lime Butter and serve warm.