Mix chicken, cilantro, bread crumbs, onion, garlic, salt, and pepper; roll tablespoonfuls of the mixture into balls.

Heat oil in a skillet over medium heat. Add meatballs and cook until no longer pink in the center, 6 to 8 minutes.

Mix peanut butter, sesame oil, sugar, and soy sauce together in a microwave-safe bowl. Microwave until sauce is heated through, about 1 minute.

Toss meatballs with 1/2 of the sauce. Sprinkle with peanuts. Serve with toothpicks and remaining sauce for dipping.