In a large pot or Dutch oven, heat the olive oil over medium-high heat. Add the chicken thighs and brown them on all sides, about 5-7 minutes. Remove the chicken and set aside.
In the same pot, add the chopped onion and bell pepper. Sauté until the vegetables are softened, about 5 minutes. Add the minced garlic and cook for an additional minute.
Stir in the diced tomatoes, chicken broth, cumin, oregano, paprika, salt, black pepper, and bay leaf. Bring the mixture to a simmer.
Return the browned chicken to the pot, cover, and reduce the heat to low. Let it simmer for 30-40 minutes, or until the chicken is fully cooked and tender.
Remove the bay leaf and stir in the lime juice. Taste and adjust seasoning if necessary.
Serve hot, garnished with fresh cilantro.