Add the olive oil to a large skillet at medium-high heat.
Add the chicken and brown on all sides. You may need to do this in batches.
Remove the chicken and set it aside.
Add the peppers and onions and cook for 5-7 minutes.
Add the chicken back to the skillet.
Add the dry fajita seasonings and the water.
Stir until all incorporated.
Bring the liquid to a boil, cover it and reduce the heat to simmer.
Cook for 10-15 minutes.
Serve with warm tortilla shells, lime wedges, sour cream salsa, and guacamole.