Prepare the Marinade: In a bowl, whisk together the olive oil, lime juice, chili powder, garlic powder, cumin, paprika, salt, and pepper.

Marinate the Chicken: Place the chicken breasts in a resealable plastic bag or a shallow dish. Pour the marinade over the chicken, ensuring it is well-coated. Seal the bag or cover the dish and refrigerate for at least 30 minutes, or up to 2 hours for maximum flavor.

Preheat the Grill or Oven: If grilling, preheat your grill to medium-high heat. If baking, preheat your oven to 400°F (200°C).

Cook the Chicken: For Grilling: Remove the chicken from the marinade and discard excess marinade. Grill the chicken for approximately 6-7 minutes on each side, or until the internal temperature reaches 165°F (75°C). For Baking: Transfer the marinated chicken to a baking sheet lined with parchment paper. Bake for 15-20 minutes, or until cooked through.

Rest the Chicken: Once cooked, remove the chicken from the grill or oven and let it rest for about 5 minutes. This allows the juices to redistribute, ensuring a juicy result.

Slice and Serve: Slice the chicken into strips or serve whole. Garnish with fresh cilantro and lime wedges for added flavor.