In a medium bowl, mix together 1/4 cup olive oil, the lime juice, soy sauce, cilantro, chile flakes and garlic. Sprinkle the scallops with salt and pepper. Add the scallops to the marinade, cover with plastic and refrigerate for 30 minutes.
Heat the remaining 1 tablespoon olive oil in medium, heavy skillet over medium-high heat. Remove the scallops from the marinade, discard the marinade, and place the scallops in the skillet. Sear until lightly browned and cooked to desired doneness, 2 to 3 minutes per side for medium-rare. Arrange the scallops decoratively on a platter and serve with lime wedges.