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Bring a large stockpot of water to a rapid boil. Working in batches as necessary, submerge the lobster in the water head first, then cover with a lid. Cook for 5 minutes, then transfer to an ice-bath to cool and stop the cooking process.
In a small saucepan, melt the butter over medium low heat. When melted, add the remaining ingredients and whisk together until smooth. Set aside.
Using a very sharp knife, split the lobster into 2 halves. Clean out the tomalley from the body and discard. Brush the lobster halves all over with olive oil.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Set the temperature to 400 degrees F and preheat, lid closed, 10-15 minutes.
When hot, place the lobsters on the grill, flesh side down, and cook for 4 minutes. Turn, and spoon about 2 tsp of compound butter onto each lobster halve. As the butter begins to melt, baste with a brush all over the flesh. Cook for 4-5 minutes until cooked through and coated in melted butter.
Serve immediately with sliced lemons. Enjoy!
This recipe was provided by our friend Chef Dennis The Prescott. Check out more of his recipes and photos on his Instagram @DennisThePrescott.
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