Heat olive oil in a large skillet over medium heat.
Add sliced chicken, season with chili powder, paprika, cumin, garlic powder, salt, and pepper.
Cook until the chicken is lightly browned and mostly cooked through. Remove from skillet and set aside.
In the same skillet, add peppers and onions. Cook until softened and slightly caramelized.
Stir in the rice and cook for 1 minute to lightly toast it.
Pour in the chicken broth and stir well.
Bring to a gentle simmer, cover, and cook for 15 minutes or until rice is tender.
Add the cooked chicken back into the skillet.
Stir in the queso cheese sauce until creamy and well combined.
Sprinkle with extra cheese if using, cover, and let melt.
Garnish with cilantro and serve hot.