Heat olive oil in a large skillet over medium-high heat. Add onion and bell peppers and season with salt and black pepper. Cook, stirring occasionally, until softened and slightly caramelized, about 7-8 minutes.
Add the chicken, cumin, smoked paprika, Mexican oregano, and chipotle powder. Cook, stirring occasionally, until the chicken is lightly browned on all sides, about 3-4 minutes. Season with additional salt and pepper to taste.
Stir in the black beans and frozen corn. Cook, stirring occasionally, until everything is warmed through, about 6-8 minutes. Taste and adjust seasonings as desired.
Remove from heat and stir in half the cilantro and the lime juice. If using cheese, sprinkle over the top and cover the skillet until melted.
Serve immediately topped with remaining cilantro, chopped avocado, and lime wedges. Enjoy!