In a medium bowl, whisk together peanut butter, coconut milk, lime juice, soy sauce, brown sugar, ground ginger, minced garlic, and red pepper flakes until completely smooth.
Transfer 240ml of the peanut sauce to a small bowl, cover, and refrigerate for serving.
Place chicken pieces in a baking dish, pour the remaining peanut sauce over them, and toss to coat. Cover and refrigerate for 1-8 hours.
Thread marinated chicken pieces onto skewers or arrange on a wire rack set over a baking sheet.
Preheat broiler to high. Cook chicken for 6 minutes, then rest for 5 minutes.
Alternatively, preheat grill to medium-high heat. Grill chicken skewers for 6-10 minutes per side, until cooked through. Rest for 5 minutes.
Serve the Thai peanut chicken with cooked rice and the reserved peanut sauce. Garnish with lime wedges, peanuts, green onions, and cilantro.
