01 - Combine chicken pieces with salt, pepper, lime juice, garlic, smoked paprika, cumin, and red pepper flakes in a bowl. Toss thoroughly to coat, cover, and marinate for at least 15 minutes (up to 1 hour refrigerated for deeper flavor).
02 - Heat olive oil in a large skillet or Dutch oven over medium-high heat. Add marinated chicken and sear for 2-3 minutes per side until golden brown (do not cook through completely). Transfer chicken to a plate, leaving juices in the pan.
03 - Add onion, bell peppers, and jalapeño to the same pan. Sauté for 5-7 minutes until vegetables begin to soften and develop slight color.
04 - Stir in diced tomatoes and tomato paste. Cook for 2-3 minutes, stirring occasionally, until tomatoes start to break down and release their juices.
05 - Return chicken and accumulated juices to the pan. Pour in coconut milk, stirring thoroughly to combine all ingredients. Reduce heat to medium-low, cover, and simmer for 20 minutes until chicken is cooked through and sauce has thickened slightly.
06 - Taste the sauce and adjust seasoning with additional salt, pepper, or red pepper flakes as desired. Serve hot, generously topped with fresh cilantro and accompanied by lime wedges. Pairs excellently with white rice or crusty bread.