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Wash octopus well. Combine with olive oil, garlic, chilies, thyme and large pinch of salt in saucepan, so that oil completely covers octopus (add more oil if necessary).
Place the saucepan over medium-high heat; bring to very slow simmer (if you have a thermometer, the ideal temperature is about 190 degrees). Adjust heat to maintain this slow simmer, and cook until octopus is tender, for an hour or more (check with point of sharp knife).
Remove garlic and octopus to a platter; discard thyme and oil, or reserve oil for another use. Serve warm or cool, drizzled with soy sauce and lime juice.
