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When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 mintes). Set the temperature to High and preheat, lid closed, for 10 to 15 mintes. (It's important that your grill is very hot to properly sear the steak.)
Rub the steak with a small amount of olive oil and season generously with Traeger Prime Rib Rub. Set aside while you make the salsa.
Trim the tough lower stems from the cilantro and roughly chop the remaining cilantro. Place in a blender or food processor. Add the scallions, garlic, jalapeno, vinegar, and cumin Pulse until chopped.
With the machine running, slowly add the olive oil through the lid or feed tube until a fairly smooth puree forms. Add salt and pepper to taste. Transfer to a serving bowl.
Arrange the steak on the grill grate at an angle and grill for 8 to 10 mintes per side, turning with tongs, or until cooked to medium-rare (140F). Let the meat rest for 5 mintes before slicing thinly on a sharp diagonal. Serve with the Chilean salsa and lime wedges.