Wash the chili peppers, remove the stems, and deseed them if you prefer a milder sauce. Peel and finely mince the garlic cloves.
Heat the olive oil in a medium saucepan over medium heat. Add the minced garlic and chili peppers and sauté for 2-3 minutes, until fragrant.
Pour in the tequila and cook for 1-2 minutes to allow the alcohol to evaporate, while retaining the tequila flavor.
Add the honey, lime juice, and rice vinegar, then stir well to combine. Simmer the sauce for another 5-7 minutes, or until it has slightly thickened.
Season with salt and pepper, then remove from the heat. For a smoother consistency, use an immersion blender to blend the sauce.
Let it cool slightly, then transfer to a clean jar. Store in the refrigerator for up to a week. Serve with grilled meats, tacos, or roasted vegetables.
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