Pound out chicken breasts until thin, or butterfly breasts to split open. Sprinkle 1 tbsp of Colby jack cheese onto each chicken breast. Distribute peppers and onion evenly onto each chicken breast and fold chicken breasts over so filling is inside. Secure with toothpicks, if desired.
In a small bowl combine cumin, chili powder, onion powder, garlic powder, and salt and pepper. Sprinkle evenly over each chicken breast and bake for about 20 minutes. After 20 minutes, remove from oven and place 1 slice of Colby jack cheese on top of each stuffed chicken breast. Bake for an additional 10 minutes, until cheese is melted and chicken is thoroughly cooked throughout.
Before serving, drizzle with lime juice and garnish with freshly chopped cilantro, if desired.