Preheat your grill to medium-high heat. In a large bowl, combine olive oil, garlic powder, onion powder, paprika, salt, and pepper. Add the chicken breasts and coat them evenly with the marinade. Let marinate for at least 15 minutes, or up to 2 hours in the refrigerator for more flavor.
While the chicken is marinating, prepare the chili lime sauce. In a small bowl, whisk together lime juice, honey, chili powder, cumin, cayenne pepper (if using), and salt. Adjust seasoning to taste and set aside.
Once the grill is hot, place the marinated chicken breasts on the grill. Cook for about 6-7 minutes on each side, or until the internal temperature reaches 165°F (75°C) and the chicken is no longer pink in the center.
Remove the chicken from the grill and let it rest for 5 minutes. Drizzle the chili lime sauce over the grilled chicken and garnish with chopped cilantro before serving.
Serve the grilled chicken with your choice of sides, such as rice, grilled vegetables, or a fresh salad.