Heat olive oil in a large soup pot over medium heat.
Add onion and bell peppers; cook until softened.
Stir in garlic; cook 30 seconds until fragrant.
Stir in chili powder, cumin, smoked paprika, oregano, and cayenne; cook 30 seconds to bloom spices.
Stir in tomato paste until combined.
Add diced tomatoes and chicken broth.
Nestle chicken breasts into the soup; bring to a gentle boil, then reduce to a simmer.
Cover and simmer for 18–22 minutes until chicken is cooked through.
Remove chicken and shred with two forks; return to soup.
Stir in black beans and corn; simmer uncovered for 10–15 minutes.
Stir in lime juice and cilantro; season with salt and pepper to taste.
Serve hot with desired toppings (tortilla strips, cheese, sour cream, avocado, jalapeños).