In a small bowl, mix together lime juice, olive oil, chili powder, cumin, garlic powder, onion powder, smoked paprika, salt, and black pepper to create a marinade.
Place the chicken breasts in a resealable plastic bag or shallow dish. Pour the marinade over the chicken, ensuring each piece is well coated. Marinate for at least 30 minutes (or up to 2 hours in the fridge for more flavor).
Preheat a grill or grill pan over medium-high heat. Remove the chicken from the marinade and discard any leftover marinade.
Place the chicken on the grill and cook for about 6-7 minutes on each side or until the internal temperature reaches 165°F (75°C) and the chicken has nice grill marks.
During the last few minutes of cooking, sprinkle the shredded cheddar cheese over the chicken breasts and close the grill lid to melt the cheese.
Once cooked, remove the chicken from the grill and let it rest for 5 minutes.
Finally, garnish the chicken with fresh cilantro and lime slices before serving.
Serve with tortilla chips on the side for a full fiesta experience!