Finely mince the chipotle pepper(s) until they form a near-paste texture. Measure 1-2 teaspoons of adobo sauce from the can.
In a small bowl, stir together the ketchup, minced chipotle, adobo sauce, horseradish, lemon juice, and Worcestershire sauce until fully combined.
Season with salt and pepper. Taste and adjust -- add more chipotle for heat and smoke, more horseradish for sharpness, more lemon for brightness.
Transfer to a small serving bowl or ramekin. Refrigerate for at least 30 minutes before serving for best flavor.
Serve alongside chilled shrimp, crab cakes, raw oysters, or any cold seafood platter.