In a small medium saucepan, heat the olive oil over medium heat. Add the annatto seeds and cook, stirring constantly, until the oil becomes a rich, orange-red color, about 5 minutes. Remove from the heat and allow to cool.
Strain the annatto oil into the bowl of a food processor or blender, and add the lime juice, oregano, garlic, salt and cumin. Process the mixture on high to form a smooth paste. Pour into a glass jar and keep covered in the refrigerator until ready to use.