Season chicken breasts with salt, pepper, chili powder, cumin, and paprika.
Heat olive oil in a large skillet over medium-high heat.
Add chicken and cook for 5-6 minutes per side until golden and cooked through (165°F internal temp). Remove and set aside.
In the same skillet, add bell peppers, onion, garlic, and jalapeño (if using). Sauté for 3-4 minutes until softened.
Pour in chicken broth and scrape up any browned bits.
Reduce heat to medium, then stir in heavy cream and cream cheese until smooth.
Simmer for 2-3 minutes until slightly thickened.
Return chicken to the skillet, spooning sauce over it.
Sprinkle shredded Monterey Jack cheese on top, cover, and let melt for 2 minutes.
Garnish with fresh cilantro.
Serve hot over rice, pasta, or with warm tortillas.
