Place the olive oil, lime juice, water, sugar, kosher salt, cumin, garlic, smoked paprika, onion powder, chili powder and pepper in a bowl.
Stir to combine.
Add 1 pound of sliced chicken, 1 ½ cups sliced bell peppers and ½ cup sliced onions to the bowl and toss to coat.
Marinate the chicken for at least 30 minutes or up to 8 hours.
