Heat olive oil in a large skillet over medium heat. Add diced onion and bell pepper, sautéing for about 5 minutes until softened.
Add the chicken chunks to the skillet and cook until lightly browned on all sides.
Stir in rice, diced tomatoes with green chilies, chicken broth, peas, cumin, paprika, chili powder, salt, and black pepper. Mix well to combine.
Bring the mixture to a simmer, then cover the skillet and reduce heat to low. Cook for about 20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the lid and sprinkle shredded cheddar cheese over the rice. Cover again for 2-3 minutes, allowing the cheese to melt.
Serve immediately, garnished with fresh cilantro.