In a medium bowl, whisk together olive oil, lime juice, cumin, chili powder, smoked paprika, oregano, minced garlic, salt, and pepper until fully incorporated.
Butterfly each chicken breast horizontally to create pieces of even thickness (approximately ¾-inch thick). Alternatively, place each breast between plastic wrap and pound to even thickness.
Place chicken in a large zip-top bag or shallow dish and pour ⅔ of the marinade over it, reserving the remaining ⅓ for vegetables. Massage to coat evenly, then seal and refrigerate for 30 minutes to 4 hours (optimal time: 2 hours).
Position rack in upper middle position and heat oven to 425°F (220°C).
In a large bowl, toss sliced bell peppers, onions, and jalapeño (if using) with the reserved marinade until evenly coated.
Line your baking sheet with foil and lightly oil the surface. Remove chicken from marinade (discard used marinade) and place on one side of the sheet. Spread vegetables evenly on the other side, ensuring everything is in a single layer with minimal overlap.
Place sheet pan in oven and bake for 15 minutes. Then rotate the pan 180° and continue baking until chicken reaches an internal temperature of 165°F (74°C) and vegetables show light charring at edges, approximately 5-10 minutes more.
Remove from oven and tent loosely with foil. Allow chicken to rest for 5 minutes.
Transfer chicken to cutting board and slice against the grain into ½-inch strips. Return to sheet pan and toss with vegetables to incorporate all flavors and juices.
Serve with warm tortillas and accompaniments like fresh cilantro, lime wedges, avocado slices, and sour cream.