In a large pan, heat oil for frying.
Submerge the crabs in oil. (Be careful with splatter.) Add chile pepper to the oil. The crabs will turn a beautiful orange as they cook, and are done when they are no longer releasing water: about 15 minutes.
Remove the crabs from the oil with a slotted spoon and place on paper towels to drain.
Squeeze lime and then sprinkle Old Bay Seasoning over the crabs.
Serve while hot.