In a bowl, combine olive oil, chili powder, paprika, cumin, garlic powder, onion powder, salt, pepper, and lime juice; toss chicken to coat.
Heat skillet over medium-high heat and cook chicken for 5 to 6 minutes until browned and cooked through; remove and set aside.
In the same skillet, add remaining olive oil, bell peppers, onion, salt, and pepper; sauté for 4 to 5 minutes until tender-crisp.
Return cooked chicken to the skillet and toss with vegetables for 1 minute to combine.
Assemble bowls by adding rice, topping with fajita chicken and vegetables, then finish with avocado, salsa, sour cream or yogurt, shredded cheese, and lime wedges.
Serve warm, adding extra lime juice as desired.