Add the quinoa to a medium saucepan over medium-high heat. Toast, stirring frequently, until the quinoa is fragrant and making a popping sound, about 5-7 minutes. Transfer to a bowl and set aside.
Replace the pan on the burner over medium heat. Melt the butter and olive oil together. Stir in the diced onion, chipotle powder, cumin and salt. Cook, stirring occasionally, until the onion begins to soften, about 5 minutes.
Increase the heat to medium-high. Stir in the water and quinoa and bring the mixture to a simmer. Cover, lower the heat to a simmer over low heat, and let cook just until the quinoa is tender and the liquid is absorbed, 18-20 minutes, stirring once halfway through cooking. Remove the pan from the heat and let sit, still covered, for 10 more minutes. Remove the lid and fluff with a fork. Stir in the peanuts, queso fresco, scallions and lime juice. Serve warm.
*If your quinoa is not pre rinsed, place in a fine mesh strainer, drain well, and then spread on a rimmed baking sheet lined with towels. Let dry for 15 minutes before proceeding with the recipe.