Juice the limes, and combine the lime juice, sugar and water in a large glass or plastic mixing bowel.
Stir until sugar is dissolved.
Add the tequila and orange liqueur and pour the contents into a large 1 gallon covered pitcher. Store for no more than 12 hours.
Pour over ice in a 1.5-2 gallon beverage dispenser, or into a punch bowl filled with ice to serve!