In a large skillet, heat the olive oil over medium-high heat. Add the chicken pieces and season with salt, pepper, chili powder, cumin, and paprika. Cook until the chicken is browned and cooked through, about 5-7 minutes.
Add the diced onion and bell peppers to the skillet. Sauté for about 3-4 minutes until the vegetables are softened.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the black beans, corn, and diced tomatoes to the skillet. Stir everything together and let it simmer for about 5 minutes to heat through.
Sprinkle the shredded cheddar cheese over the top and cover the skillet with a lid. Let it sit for 2-3 minutes until the cheese is melted.
Remove from heat and garnish with fresh cilantro, if using. Serve with lime wedges on the side.