Heat the oil in a large, nonstick skillet over medium-high heat. Add the peppers and onion and sauté until almost tender, about 5 minutes. Stir in the garlic, cumin, and salt. Reduce heat to low and cook, stirring, until fragrant, about 30 seconds.
Add the hominy and water, and increase heat to medium. Cook for about 4 minutes, stirring often. Remove from heat and stir in the cilantro and lime juice. Serve with lime wedges.