In a large pot, heat the olive oil over medium heat. Add the diced onion and sauté until translucent, about 5 minutes.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the corn kernels, vegetable broth, chili powder, cumin, smoked paprika, salt, and pepper. Bring to a boil, then reduce heat and simmer for 15 minutes.
Using an immersion blender, blend the soup until smooth. If you prefer a chunkier texture, blend only half of the soup and leave the rest as is.
Stir in the heavy cream and lime juice. Heat through for another 5 minutes, adjusting seasoning if necessary.
Serve hot, garnished with crumbled cotija cheese and chopped cilantro.