In an unusually crowded final with nine skaters, the 21-year-old took over after defending Olympic champion Charles Hamelin fell out of the lead early and incurred a penalty. Lim finished first in 2:10.485.
Sjinkie Knegt of the Netherlands took silver, finishing 0.70 seconds behind Lim, while Olympic Athlete from Russia Semen Elistratov won the bronze.
Hamelin, a pre-event favourite, was looking to become the first short track speed skater to win a gold medal at three different Olympic Games but the 33-year-old Canadian, who had originally finished sixth, was given a penalty for impeding.
Speaking to reporters after his disappointing performance, Hamelin said it was difficult for him to tell whether he had deserved the penalty.
"I made a mistake," he said. "It might have cost me a better position and even the race. I ended up at the back of the pack. In a race with nine skaters, you never want to end up in the back."
(Reporting by Gabrielle Tétrault-Farber; Editing by Clare Fallon)
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