In a large skillet, heat the vegetable oil over medium-high heat. Add the chicken pieces, season with salt, black pepper, paprika, garlic powder, onion powder, thyme, and cumin. Cook until the chicken is browned and cooked through, about 5-7 minutes. Remove the chicken from the skillet and set aside.
In the same skillet, add the diced onion and bell peppers. Sauté for about 3-4 minutes until the vegetables are softened.
Stir in the rice and cook for an additional 1-2 minutes, allowing the rice to toast slightly.
Pour in the coconut milk and chicken broth, stirring to combine. Bring the mixture to a boil.
Reduce the heat to low, cover the skillet, and let it simmer for about 15 minutes or until the rice is tender and has absorbed most of the liquid.
Add the cooked chicken back into the skillet along with the frozen peas and lime juice. Stir gently to combine and cook for another 5 minutes until everything is heated through.
Remove from heat and let it sit, covered, for 5 minutes before serving. Garnish with chopped cilantro.