Heat 2 tablespoons of vegetable oil in a large skillet over medium heat. Season chicken on both sides with salt and pepper.
Add chicken to the hot skillet. Cook for 5 to 7 minutes per side until golden brown on the outside and cooked through to an internal temperature of 165°F. Do not move the chicken while it sears so it can develop a golden crust.
While the chicken cooks, whisk together the minced garlic, minced ginger, peanut butter, soy sauce, rice vinegar, honey, sriracha, coconut milk, lime juice, and sesame oil in a bowl until completely smooth.
Once the chicken is cooked through, pour the peanut sauce over the chicken in the skillet. If the sauce looks too thick, add a small splash of water or extra coconut milk to loosen it.
Reduce heat to low and let everything simmer together for 5 to 10 minutes, spooning sauce over the chicken occasionally to coat evenly.
Remove from heat. Serve hot over steamed rice or noodles and garnish with chopped peanuts and fresh cilantro.