In a bowl, combine the lime juice, fish sauce, rice vinegar, warm water, honey, garlic, and chili, if using. Stir well until the honey is dissolved.
Let the sauce sit for at least 15 minutes before using so the flavors can develop.
How to store
Store the sauce in an airtight glass container in the fridge for up to 3 to 4 weeks. It tastes freshest within 1 week because the lime flavor becomes less bright over time, while the garlic and chili get stronger. Use a clean spoon each time to keep the sauce fresh.