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 garlic powder. Cook for about 5-7 minutes, stirring occasionally, until the chicken is cooked through and no longer pink in the center.
Add the diced onion and bell peppers to the skillet. Sauté for an additional 3-4 minutes until the vegetables are tender.
Stir in the corn, black beans, and diced tomatoes. Cook for another 2-3 minutes until everything is heated through.
Sprinkle the shredded cheddar cheese over the top of the mixture. Cover the skillet and let it cook for 2-3 minutes until the cheese is melted.
Remove from heat and garnish with fresh cilantro, if desired. Serve with lime wedges on the side.