Prepare the meat: wash the picanha and pat it dry with paper towels. Leave the fat cap on; it's essential for flavor.
Using a sharp knife, score the fat cap in a crosshatch pattern, being careful not to cut into the meat. This helps the seasonings penetrate and the fat render during grilling.
Rub the meat on both sides with salt and pepper. Press the salt firmly into the fat cap.
Preheat the grill to medium-high heat. If possible, use charcoal for a distinctive smoky flavor.
Place the picanha on the grill, fat cap down. Grill for 6-8 minutes, until the fat is crispy and has started to render.
Flip the meat and grill for another 4-5 minutes, or until the internal temperature reaches your desired level of doneness (140-150°F (60-65°C) for medium). Use a meat thermometer for accurate results.
Remove the picanha from the grill and let it rest for 5-10 minutes before slicing. This allows the juices to redistribute throughout the meat.
Slice the picanha thinly against the grain and serve immediately. Offer grilled vegetables, salad, or steamed rice as accompaniments.
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