Steam the corn following the package directions; drain and set aside.
Cook the lima beans following the package directions; drain thoroughly.
Melt half of the butter in a skillet over medium heat. Add the onion and cook for 3 minutes. Add the bell pepper and garlic and continue to cook for 3 to 4 minutes, or until the onion is translucent and the bell pepper is tender.
Add the corn and lima beans to the onion mixture; bring to a simmer and reduce the heat to low. Continue to cook for 3 to 4 minutes to blend the flavors.
Add the cream and remaining butter to the succotash and heat until hot.
Taste and season the succotash with salt and pepper.