In a large skillet, heat the olive oil over medium heat. Add the diced chicken and cook until browned and cooked through, about 5-7 minutes. Remove the chicken from the skillet and set aside.
In the same skillet, add the chopped onion and bell pepper. Sauté for about 3-4 minutes until softened. Add the minced garlic and cook for an additional minute.
Stir in the chili powder, cumin, paprika, salt, and black pepper. Cook for another minute to toast the spices.
Add the rice to the skillet and stir to coat it in the spices. Pour in the chicken broth, black beans, corn, and salsa. Bring the mixture to a boil.
Reduce the heat to low, cover the skillet, and simmer for 15-20 minutes, or until the rice is tender and has absorbed the liquid.
Once the rice is cooked, return the chicken to the skillet and stir to combine. Sprinkle the shredded cheddar cheese on top, cover, and let it sit for 2-3 minutes until the cheese is melted.
Garnish with fresh cilantro and serve with lime wedges on the side.