Where is the Honda Elite 50 limiter?

There is no limiter or so called "governor" on a Honda elite. The best you can do to give it a little more oomph is drill out the exhaust. I would suggest taking it to your local dealer and having it done the right way. I have done this several times myself and it is quite easy to do. This will most definitely void your warranty so this is why I suggest taking to dealer. The first time this was done I was kinda takin off guard by the pickup I got. It almost shot out from under me.