Place the lamb chops in a baking dish and drizzle with oil, chipotle pepper, lime zest and salt. Rub the lamb chops on all sides and set aside to marinate. Preheat the grill to high heat.
For the Ranchero Sauce: Place a skillet over medium heat and add the oil and shallots. Saute the shallots for 2 minutes. Then add the garlic and saute another 1-2 minutes. Add all remaining ingredients, except for the heavy cream. Simmer the ranchero sauce for 10 minutes. Remove from heat. Using an immersion blender, puree the ranchero sauce until smooth. Then stir in the heavy cream. Salt to taste.
Place the lamb chops on the grill. Grill for approximately 2 minutes per side for medium temperature. Serve the grilled lamb chops warm with creamy ranchero sauce!