Preheat your oven to 425°F. Lay the chicken breasts on a large work surface and cover with plastic wrap or parchment to keep things tidy if you like. With a mallet (or your fist) gently pound the breasts into an even thickness so they're around ½- to ¾-inch thick.
Lay the sliced bell peppers and red onion on one side of the baking sheet and the pounded chicken breasts on the other.
Juice one of the limes over the chicken and the other lime over the vegetables.
Drizzle the vegetables with 1 tablespoon of the olive oil and the chicken with the other.
In a small bowl, stir together the chili powder, garlic powder, cumin, salt, onion powder, and cayenne (if using). Sprinkle evenly over the chicken and veggies. Toss until everything is evenly coated, rubbing the chicken on both sides with oil and spices.
If the pan is very crowded (which, unless you are using an oversize pan, it probably will be), move about two-thirds of the vegetables over to a second sheet pan. Spread the vegetables into an even layer and ensure the chicken breasts aren't touching.
Roast the chicken and vegetables for 15 to 25 minutes, until chicken is cooked through and registers 165°F on an instant read thermometer (the timing will vary based on how thin you've pounded the chicken). With tongs, toss the vegetables once halfway through.
During the last 5 minutes of baking, wrap the tortillas in foil and pop them into the oven with the chicken to warm.
Let the chicken rest a few minutes, then cut into thin slices. Serve the filling inside the tortillas with fresh cilantro and any desired toppings.
Notes
TO STORE: Transfer leftovers to an airtight container and refrigerate for up to 3 days.
TO REHEAT: Warm the fajitas in a skillet coated with nonstick spray over medium-low heat, or heat in the microwave until warmed through.
TO FREEZE: Freeze sheet pan chicken fajitas in an airtight container or freezer bag for up to 2 months. Thaw in the refrigerator before reheating.