Despite the drop, prices remain at many multiples of historic levels for Cinco de Mayo weekend, where they have averaged around $7 to $8 for a 40-pound box, importers said.
So far, restaurants interviewed by CNBC say they've yet to see prices fall.
For Rosa Mexicano, a chain with 15 locations domestically, prices have tripled and remain at all-time highs. Since Rosa does not buy directly from an importer and instead gets limes from local produce suppliers, its CEO Tom Dillon said it could be four to six weeks before his company sees any benefit from the price crash.
"That much of a cost increase is significant to us," said Dillon, adding that it's added about two percentage points to its cost of sales.
Meanwhile, Margaritas Mexican Restaurant is still paying prices that are up to six times what it had been paying just a few months ago, said Michael Caldwell, the New England chain's marketing team leader.
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These all-time highs are especially noteworthy since they've hit during its busiest period of the year—the days leading up to and including Cinco de Mayo.
So far, the price surge has boosted food costs, though it hasn't had a drastic effect yet. Although Caldwell said he's heard that other restaurants are increasing prices or changing recipes, he hasn't followed suit yet.
"We didn't want to do either of those things," he said. "We didn't want to pass along those costs to the customer. We certainly didn't want to adjust the recipe. For the most part, we're eating the cost."
Dillon echoed this hesitancy to tinker with recipes.
"The only thing we're really doing is before we would automatically bring limes if you order say a glass of sparkling water, and now we will ask you if you would like lime," he said.