Preheat oven to 425 degrees F. Lightly oil a baking sheet or coat with nonstick spray.
In a small bowl, combine chili powder, cumin, oregano, paprika, 1 1/4 teaspoons salt and 1 1/4 teaspoons pepper.
Place chicken, bell peppers, onion and garlic in a single layer onto the prepared baking sheet. Stir in olive oil and chili powder mixture; gently toss to combine.
Place into oven and bake for 25 minutes, or until the chicken is completely cooked through and the vegetables are crisp-tender. Stir in cilantro and lime juice.