Light the grill for direct grilling to medium-high heat.
In a food processor or with a rolling pin, finely crush the 1/2 cup Cheetos and 1/2 cup chicharrones until they resemble coarse bread crumbs. Toss with 1/2 teaspoon smoked paprika, 1/2 teaspoon chili powder, and 1/4 teaspoon of the cayenne. Set aside.
Stir together the 1/2 cup mayonnaise, 1/4 cup chopped cilantro, 2 tablespoons crumbled Cotija, 3 tablespoons ketchup, 1 tablespoon lime juice, 1/2 teaspoon kosher salt, and 1/2 teaspoon cayenne.
Rub corn with 1 tablespoon olive oil and sprinkle with salt. Grill over medium-high heat, turning occasionally, until lightly charred and cooked through, about 6–8 minutes.
Spread the sauce all over the sides of each ear of corn. Sprinkle generously with Chicha-Cheeto crumble. Top with remaining Cotija cheese and cilantro. Serve with lime wedges for squeezing.