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Prepare the Hatch chiles by roasting, peeling, chopping and removing the seeds.
Chop the onion and mince the garlic.
In a large pot, heat the olive oil and butter over medium heat.
Add the onion and sauté until translucent, about 5 minutes.
Add the garlic and sauté for 1 minute.
Add the chopped Hatch chiles, cumin, smoked paprika, oregano, ground coriander, salt, white pepper, and bay leaf. Stir to combine.
Add the chicken broth and water, and bring to a boil.
Add the white rice, reduce heat to low, cover and simmer for 20 minutes, or until the rice is tender.
Remove the bay leaf.
Add the heavy cream and lime juice, and stir to combine.
Serve the soup hot, garnished with fresh cilantro.