Preheat the oven to 375°F (190°C).
Heat olive oil in a large skillet over medium-high heat.
Add the chicken strips to the skillet and cook for 4-5 minutes until lightly browned but not fully cooked through. Remove chicken from skillet and set aside.
In the same skillet, add the sliced red, green, and yellow bell peppers and onion. Cook for 5-6 minutes until vegetables are slightly softened.
Add minced garlic, chili powder, ground cumin, smoked paprika, dried oregano, cayenne pepper, salt, and black pepper to the vegetables. Stir well and cook for 1 minute until fragrant.
Return the chicken strips to the skillet and stir to combine with the vegetables and spices.
Add the low sodium chicken broth and diced tomatoes to the skillet. Stir everything together and cook for 2-3 minutes to let the flavors meld.
Transfer the chicken and vegetable mixture to a 9×9-inch casserole dish, spreading it evenly.
Sprinkle the reduced-fat shredded cheddar cheese evenly over the top.
Bake the casserole in the preheated oven for 20 minutes, or until the chicken is cooked through and the cheese is melted and bubbly.
Remove from the oven and let it rest for 5 minutes before serving.
Garnish with chopped fresh cilantro and serve warm.