Begin by hulling and chopping the fresh strawberries if they are not already prepared. Set them aside.
In a medium saucepan over medium heat, melt the butter with olive oil. Add smoked paprika and garlic powder, until garlic turns golden brown in color.
Add the chopped strawberries, ketchup, apple cider vinegar or balsamic vinegar, brown sugar or honey, Worcestershire sauce, soy sauce, Dijon mustard, and lime juice to the saucepan. Stir well to combine.
Bring the mixture to a gentle boil, then reduce the heat to low. Let it simmer uncovered for about 15-20 minutes, stirring occasionally, until the strawberries have softened and the sauce has thickened slightly.
For a smoother texture, you can transfer the sauce to a blender or use an immersion blender to puree until smooth. Be cautious as the sauce will be hot; allow it to cool slightly before blending.
Taste the sauce and adjust the seasoning with salt and pepper according to your preference.
Once the sauce has reached your desired consistency and flavor, remove it from the heat. Serve warm as a dipping sauce for chicken tenders, glazed over grilled chicken or pork, or as a condiment for burgers and sandwiches.
Allow the sauce to cool completely before transferring it to an airtight container. Store in the refrigerator for up to one week.