In a large skillet, saute peppers and onions in oil until crisp-tender. Remove and keep warm. .
In the same skillet, cook 1 pound sliced boneless skinless chicken breast over medium-high heat for 5-6 minutes or until no longer pink. Return bell peppers to pan; heat through.
Combine 2 heaping tablespoons of fajita seasoning with 1/4 cup cool water.