Heat the oil in a large non-stick skillet over medium heat. Once hot, add the minced shallot and garlic and cook for 2-3 minutes or until fragrant. Next, add the red curry paste and cook for another 30 seconds.
Pour in the full-fat coconut milk, water, soy sauce, coconut sugar, red curry powder, and rice cakes.
Bring to a simmer and let simmer for about 8 minutes or until the rice cakes are perfectly tender. Make sure you keep stirring very regularly to prevent the rice cakes from sticking to the bottom of the skillet.
Remove from heat, stir in the lime juice, and top with chopped cilantro! Enjoy as is or with sautéed greens on the side!