Start by slicing the chicken breast into thin strips. Slice the bell pepper and onion into similar-sized pieces for even cooking.
Heat 1 tablespoon of olive oil in your large skillet over medium-high heat. Add the chicken strips, seasoning them with half the chili powder, cumin, garlic powder, salt, and pepper. Cook for 4-5 minutes until the chicken is browned and nearly cooked through. Remove the chicken from the pan and set it aside.
Add the remaining tablespoon of olive oil to the skillet. Toss in the sliced bell pepper and onion, seasoning with the rest of the spices. Sauté until the veggies are softened and slightly caramelized, about 5-6 minutes.
Stir the uncooked rice into the skillet with the vegetables, coating it with the spices and oil. Pour in the chicken broth, scraping up any tasty browned bits from the bottom of the pan. Bring it to a boil, then reduce the heat to low and cover with a lid.
Let the rice cook covered for about 15 minutes, or until almost all the liquid is absorbed and the rice is tender.
Once the rice is nearly done, gently fold in the black beans, corn, and cooked chicken. Cover again and cook for another 5 minutes to heat everything through.
Sprinkle the shredded cheese evenly over the top of the skillet. Cover once more until the cheese melts, about 2-3 minutes. Finish by garnishing with fresh cilantro if you like.