In a bowl or zip-top bag, whisk together olive oil, lime juice, garlic, chili powder, cumin, smoked paprika, onion powder, salt, pepper, and cilantro.
Add the chicken to the marinade and coat evenly. Cover and refrigerate for at least 30 minutes or up to 4 hours for maximum flavor.
Heat a grill or grill pan over medium-high heat. Lightly oil the grates to prevent sticking.
Remove the chicken from the marinade and grill for 6–8 minutes per side, or until the internal temperature reaches 165°F (74°C) and the chicken is nicely charred.
Let the chicken rest for 5 minutes before slicing. Garnish with extra cilantro and serve with your favorite Mexican sides or in tacos, bowls, or salads.