Heat 1 tbsp olive oil in a small frying pan over high heat. Sauté the lima beans 5 minutes or until softened. Pour hot beans with oil into a large mason jar or container.
Add chopped herbs, garlic, chili and vinegar to the beans. Using your favourite hand blender, pulse the ingredients until a paste forms. You will need a powerful blender and the thinkkitchen Pro-stick Hand Blender will do just the trick! Season to taste.
While blending, slowly drizzle in remaining olive oil until the sauce is emulsified and thick. Marinate the racks of lamb 24 hours in half of the chimichurri marinade, refrigerated.
Before cooking, let the lamb come to room temperature about 20-30 minutes.
Preheat oven to 350°F. Prepare a roasting pan with a wire rack. For a practically perfect roasting pan, I suggest the Remy Olivier Stainless Steel Roasting Pan.
Season the lamb liberally with salt and pepper. Lay the racks of lamb bone side down on the rack and coat with marinade.
Roast the lamb in the upper third of the oven for 20-25 minutes for a medium-rare roast.
Transfer the racks to a carving board; stand them upright and let rest for 10 minutes. Using a very sharp knife, like the Kiyosu Utility Knife, carve the racks between the rib bones.
Spoon remaining sauce onto the Rectangular Serving Platter; lay the racks of lamb over the sauce. Serve immediately.