Season the chicken: In a bowl, combine chili powder, cumin, smoked paprika, oregano, garlic powder, cayenne (if using), salt, and pepper.
Toss with the chicken until evenly coated.
Sear the chicken: Heat 1 tablespoon olive oil in a large, heavy pot or deep skillet over medium-high heat. Add chicken in a single layer and cook 3–4 minutes, stirring once, until lightly browned. It doesn’t need to be fully cooked.
Transfer to a plate.
Cook the veggies: If the pot looks dry, add 1 teaspoon oil. Add sliced onion and bell peppers. Cook 4–5 minutes, stirring, until crisp-tender with a few charred edges.
Stir in minced garlic and cook 30 seconds until fragrant.
Add rice and toast: Stir in the rinsed, drained rice and cook 1 minute to lightly toast. This helps keep the grains separate.
Build the base: Pour in the diced tomatoes with juices and the chicken broth. Scrape the bottom of the pot with a spoon to release any browned bits.
Return the chicken and any accumulated juices to the pot. Stir to combine.
Simmer: Bring to a gentle boil, then reduce heat to low, cover tightly, and simmer 18–20 minutes. Avoid lifting the lid.
The rice should be tender and most liquid absorbed.
Finish: Remove from heat. Stir in corn (if using) and lime juice. Cover and let rest 5 minutes.
Fluff with a fork. Taste and adjust salt, pepper, or lime.
Garnish and serve: Top with chopped cilantro, and add your favorites like shredded cheese, avocado slices, a dollop of sour cream, or extra lime wedges.