Lightly scrub limes, rinse, and pat dry. Cut ends off limes, then cut into quarters. Remove and discard white veiny interior.

Transfer limes to a blender. Add cold water and blend until mostly smooth and combined, about 1 minute. Strain through a fine-mesh sieve and discard pulp. Wipe out blender.

Return lime juice to blender. Add ice and milk and blend until desired consistency is reached, about 1 minute.

Divide lemonade among glasses. Garnish with lime wheels.