Step 1: Heat olive oil in a large skillet over medium heat. Add diced chicken and season with salt, pepper, smoked paprika, cayenne pepper, and chili powder. Cook until browned, about 5-6 minutes. Remove chicken and set aside.

Step 2: In the same skillet, add chopped onion and sauté for 2-3 minutes until softened. Add minced garlic and cook for another minute.

Step 3: Stir in diced red bell pepper and cook for 2 minutes until slightly tender.

Step 4: Add rice to the skillet and toast for 1-2 minutes, stirring constantly.

Step 5: Pour in chicken broth and bring to a simmer. Return the cooked chicken to the skillet.

Step 6: Cover the skillet and reduce heat to low. Cook for 18-20 minutes, or until the rice is tender and liquid is absorbed.

Step 7: Remove from heat and let sit, covered, for 5 minutes. Fluff the rice with a fork.

Step 8: Garnish with chopped cilantro if desired and serve hot.