Begin by cutting the boneless chicken breasts into bite-sized pieces. Season them generously with chili powder, cumin, paprika, salt, and pepper.
In a large skillet over medium-high heat, add olive oil and let it heat up.
Once the oil is hot, add your seasoned chicken pieces. Cook them until they are browned and fully cooked through—about 5 to 7 minutes.
When your chicken is nicely cooked, toss in the sliced bell peppers. Sauté everything together for about 5 minutes until the peppers start to soften.
Now it's time to stir in the corn and diced tomatoes. Allow them to cook for another 3–5 minutes.
Reduce the heat to low and sprinkle shredded cheddar cheese evenly over your skillet mixture. Cover with a lid until the cheese melts.
Remove your skillet from heat and garnish with fresh cilantro if desired.
Spoon generous portions onto plates and add a dollop of sour cream if you like that creamy touch.