Prepare your ingredients by chopping the bell peppers and onion into bite-sized pieces.
Season the chicken with salt, pepper, cumin, and chili powder. In a large skillet over medium heat, drizzle olive oil and add the seasoned chicken breasts.
Sear the chicken until golden brown on both sides (about 5 minutes each). Remove from skillet and set aside.
In the same skillet, sauté onions and bell peppers until soft (about 3 minutes).
Return the chicken to the skillet; add rinsed rice, chicken broth, tomato sauce, and lime juice.
Bring to a gentle boil; reduce heat to low and cover for about 20 minutes or until rice absorbs liquid.