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In a small bowl, combine the honey and Sriracha. Stir well and refrigerate until ready to fry the chicken.
Beginning with the thighs, add the chicken to the pot, making sure not to crowd. (This may take several batches.) Place the lid on and cook until golden and cooked 80 percent through, 8 to 10 minutes. Remove the chicken to a wire cooling rack and repeat with the remaining chicken, if necessary. (If you're entertaining, you can get ahead by doing all work up to this point, then continuing just before you plan to serve.)
Once all the chicken is done, heat up the lard to 365 degrees F. Add the chicken in the same batches and cook until dark golden and crispy, 2 to 3 minutes per side. Remove onto paper towels and serve immediately with the Sriracha honey.
Cook's Notes: Lard is available at better supermarkets at the meat counter, or at specialty butcher shops. If you can't find it, use vegetable or peanut oil.