Cook rice according to package instructions and set aside.
Slice chicken breast into thin strips.
In a bowl, toss chicken with chili powder, paprika, cumin, garlic powder, salt, and black pepper.
Heat 1 tablespoon olive oil in a large skillet over medium-high heat.
Add seasoned chicken and cook until browned and cooked through.
Remove chicken from skillet and set aside.
Add remaining olive oil to the skillet and sauté bell peppers and onion until tender.
Return chicken to the skillet and mix with vegetables.
Drizzle with fresh lime juice and remove from heat.
Assemble bowls with rice, chicken fajita mixture, and garnish with cilantro.