Combine the olive oil, lime juice, chili seasoning, garlic powder, onion powder, cumin, salt, black pepper, and cayenne pepper in a mixing bowl. Stir until well incorporated.
Immerse the chicken breasts in the marinade, ensuring they are evenly coated. Cover and let marinate in the refrigerator for at least 30 minutes, or up to 4 hours.
Preheat your grill or grill pan to medium-high heat.
Remove the chicken from the marinade, allowing excess to drip off, and discard the remaining marinade.
Place the chicken on the grill and cook for approximately 6-7 minutes on each side, or until the internal temperature reaches 165°F.
Transfer the chicken to a cutting board and let it rest for about 5 minutes.
Slice the chicken, sprinkle with fresh cilantro, and serve with lime wedges on the side if desired.