In a bowl, combine lime juice, cumin, chili powder, and garlic. Add chicken breasts and coat well. Marinate for at least 30 minutes in the fridge.

Heat olive oil in a large skillet over medium-high heat. Add diced onion and bell peppers; sauté until softened (about 5 minutes).

Remove marinated chicken from the fridge. Add to the skillet and cook until browned (6-7 minutes per side).

Pour in chicken broth; simmer for about 10 minutes until chicken reaches an internal temperature of 165°F (75°C).

Top with shredded cheddar cheese during the last few minutes of cooking; cover until melted.

Garnish with cilantro if desired. Serve warm over rice or with tortillas.