In a mixing bowl, combine olive oil, chili powder, cumin, garlic powder, onion powder, salt, and pepper. Add the chicken breasts and coat them thoroughly in the spice mixture. Let it marinate for about 10 minutes.
Heat a large skillet over medium-high heat. Once hot, add the marinated chicken breasts and cook for 5-7 minutes per side until fully cooked and no longer pink in the center. Remove the chicken from the skillet and let it rest for a few minutes before slicing it into strips.
In the same skillet, add the sliced bell peppers and onions. Sauté for about 5-7 minutes until they are tender and slightly charred.
In a serving bowl, layer the cooked rice at the bottom.
Top the rice with black beans, corn, sliced chicken, sautéed peppers and onions, and shredded cheese.
Add slices of avocado, a dollop of sour cream, and sprinkle with fresh cilantro, if desired. Serve with lime wedges on the side.
For a spicier kick, consider adding jalapeños or your favorite hot sauce.
Store leftovers in the refrigerator for up to 3 days.