Heat the olive oil in a large skillet over medium heat. Add the chicken pieces, salt, black pepper, chili powder, cumin, garlic powder, and onion powder. Cook for about 5-7 minutes, stirring occasionally, until the chicken is browned and cooked through.

Add the corn, black beans, diced tomatoes, and bell peppers to the skillet. Stir to combine and cook for an additional 5 minutes, until the vegetables are tender.

Sprinkle the shredded cheddar cheese over the top of the mixture. Cover the skillet and let it cook for another 2-3 minutes, or until the cheese is melted.

Remove from heat and garnish with fresh cilantro. Serve with lime wedges on the side.