Prep the chicken and veggies. Slice the chicken into thin strips, about 1/2 inch wide.
Slice the bell peppers and onion into similar-sized strips. Mince the garlic. Zest and juice the lime.
Mix the seasoning. In a small bowl, whisk together chili powder, cumin, smoked paprika, oregano, garlic powder, onion powder, cayenne (if using), salt, and pepper.
Season the chicken. Pat the chicken dry and toss with half the seasoning and 1 tablespoon of oil.
Let it sit while the pan heats.
Cook the chicken. Heat a large skillet (cast iron preferred) over medium-high. Add 1 tablespoon of oil. Spread the chicken in a single layer and sear 3–4 minutes per side until cooked through with browned edges.
Remove to a plate and tent with foil.
Sauté the vegetables. In the same skillet, add another 1 tablespoon of oil if needed. Add onions and peppers with a pinch of salt. Cook 5–7 minutes, stirring occasionally, until tender-crisp and lightly charred in spots.
Stir in the minced garlic during the last 30 seconds.
Bring it together. Return the chicken and any juices to the skillet. Sprinkle the remaining seasoning over everything. Toss to coat and warm through, about 1–2 minutes.
Finish with lime and butter. Turn off the heat.
Add lime zest, lime juice, and the butter (if using) for a glossy, restaurant-style finish. Taste and adjust salt, pepper, or lime.
Garnish and serve. Top with chopped cilantro. Serve hot with your favorite keto sides: cauliflower rice, lettuce cups, avocado slices, or a dollop of sour cream.