Preheat the oven to 350°F.
In a large skillet, heat the olive oil over medium heat. Add the sliced onion and bell pepper, and sauté for about 5 minutes until softened.
Stir in the minced garlic, chili powder, cumin, paprika, salt, and black pepper. Cook for an additional 1-2 minutes until fragrant.
In a large bowl, combine the shredded chicken, sautéed vegetables, diced tomatoes (with juices), corn, cooked rice, and half of the cheddar and Monterey Jack cheeses. Mix until well combined.
Transfer the mixture to a greased 9x13-inch baking dish. Spread it out evenly.
Top with the remaining cheddar and Monterey Jack cheeses.
Bake in the preheated oven for 25-30 minutes, or until the cheese is melted and bubbly.
Remove from the oven and let it cool for 5 minutes. Garnish with chopped cilantro if desired. Serve with tortilla chips on the side.