Combine rice and water in a saucepan. Bring to a boil. Reduce heat to low, cover, and simmer for 18-20 minutes until water is absorbed.
In a small bowl, whisk together chili powder, cumin, paprika, garlic powder, salt, and black pepper to create the fajita seasoning.
Toss the chicken strips with half of the seasoning mix until evenly coated.
Heat one tablespoon of oil in a large skillet over medium-high heat. Add the chicken and cook for 5-7 minutes until browned and cooked through. Remove chicken from the skillet and set aside.
Add the remaining tablespoon of oil to the same skillet. Add the bell peppers and onions, sprinkling with the remaining seasoning. Sauté for 5-6 minutes until vegetables are tender-crisp.
Return the chicken to the skillet, add lime juice, and toss everything together for 1 minute.
Divide the cooked rice into four bowls. Top with the chicken and vegetable mixture.
Garnish with sliced avocado and fresh cilantro before serving.