Heat the olive oil in a 3-quart saucepan over medium heat.
Add the diced onion and cook, stirring occasionally, until soft and translucent, about 5 minutes.
Add the minced garlic, chili powder, ground cumin, smoked paprika, and salt; stir and cook about 30 seconds until fragrant.
Stir in the rinsed, drained pinto beans and 1/2 cup water; cover and cook for 5 minutes over medium heat to warm through.
Remove the lid, reduce heat to low, and mash the beans with a potato masher until you reach your desired consistency.
For an extra-smooth texture, blend with an immersion blender until creamy, adding a splash of water if needed to loosen.
Turn off the heat and stir in the lime juice; taste and adjust salt as needed, then serve.