Pour vegetable oil in a medium-sized saucepan, heating over medium heat. Add rice and sauté in oil, stirring often, for 2 minutes. Add water into saucepan and bring to a boil.
When water begins to boil, turn the heat to simmer and cover for 15 minutes.
Turn heat off completely, leave lid on, and remove from burner. Let sit for 30 minutes.
In a small bowl, mix together lime juice and salt, mixing until the salt is dissolved.
Pour lime mixture over rice and mix. Add cilantro and toss to spread evenly throughout the rice.