In a large skillet, heat the olive oil over medium-high heat. Add the chicken pieces and season with salt, black pepper, garlic powder, onion powder, paprika, and cayenne pepper (if using). Cook until the chicken is browned and cooked through, about 5-7 minutes. Remove the chicken from the skillet and set aside.

In the same skillet, add the diced onion and red bell pepper. Sauté for about 3-4 minutes until softened. Add the minced garlic and cook for an additional 1 minute until fragrant.

Stir in the rice and cook for 1-2 minutes, allowing it to toast slightly.

Add the diced tomatoes (with their juice), chicken broth, black beans, and the cooked chicken back into the skillet. Bring to a boil, then reduce the heat to low. Cover and simmer for 20 minutes, or until the rice is tender and has absorbed the liquid.

Stir in the frozen peas and cook for an additional 5 minutes. Remove from heat and let it sit, covered, for another 5 minutes. Fluff the rice with a fork before serving.

Garnish with fresh cilantro and serve with lime wedges on the side.