1. Cook Rice
In a small pot, combine rice, 1 cup water, and ¼ teaspoon salt and bring to a boil over high heat. Reduce heat to medium low, cover, and simmer until water is fully evaporated, 10-12 minutes. Remove pot from heat and let stand, still covered, for 10 minutes. Fluff rice with fork, then cover to keep warm until ready to serve.
2. Prepare Ingredients
While rice cooks, trim and discard skin of ginger and mince. Mince garlic. Roughly chop peanuts. Roughly chop water chestnuts. Rinse remaining produce. Roughly chop basil and cilantro leaves, discarding stems and keeping herbs separate. Pat lettuce dry with paper towel, pull off 6 large leaves for wraps, and divide between serving plates. Pat beef dry with paper towel.
3. Sauté Aromatics
Heat 1 tablespoon canola oil in a medium pan over medium-high heat. When oil is simmering, add ginger and garlic and sauté, stirring about 1 minute.
4. Brown Beef and Make Sauce
Add soy sauce and beef to pan with aromatics over medium-high heat. Season with ¼ teaspoon salt and pepper as desired and cook, breaking up meat, until browned, about 5 minutes. Meanwhile, in a large bowl, whisk together hoisin sauce, brown sugar, and Sriracha.
5. Season Beef
Using a slotted spoon, transfer browned beef to bowl with sauce. Stir in water chestnuts and cilantro to combine. Taste and add more salt and pepper as desired.
6. Plate Thai Lettuce Wrap
Stir basil into pot with rice. Divide basil rice evenly among lettuce wraps, then spoon over beef. Garnish with peanuts and dig in!