Heat the olive oil in a large skillet. Meanwhile, pour the lime juice over the chicken and let sit.
Add the onions, red peppers and green peppers to the skillet and cover. Cook, stirring occasionally, until onions are translucent. Salt and pepper. Cover and cook for 3-4 more minutes, until beginning to caramelize.
Wash out the skillet.
Heat the skillet again with 1 tbsp olive oil. Add the chicken and lime juice, cover and cook to opaque. Drain liquid and cook uncovered for an additional 3-4 minutes until browned.
Serve with tortillas, cheese, salsa, sour cream, guacamole and rice, as desired.