Combine ground beef, onion, cilantro, garlic, ginger, fish sauce, honey, and chile pepper in a food processor and blend until mixed and minced. Transfer to a bowl. Coat fingers and palms lightly with oil and scoop tablespoons of beef mixture to create equal-sized meatballs and place them on a plate.
Heat oil in a deep pan over medium heat. Add meatballs; cover and cook 5 minutes. Turn meatballs over, cover pan, and cook until golden brown, about 5 minutes more.
Combine hoisin sauce, soy sauce, water, fish sauce, and chile pepper in a bowl and serve with meatballs. Pour over meatballs or use as a dipping sauce.
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