Heat oil in large nonstick skillet over medium-high heat and brown chicken, in batches, turning once, about 3 minutes. Remove, set aside, keep warm.
Stir red peppers to same skillet and cook until almost, about 4 minutes. Remove peppers and set aside.
Stir water, Lipton® Recipe Secrets® Onion Mushroom Soup Mix and cumin into skillet and cook, stirring occasionally, 2 minutes. Return chicken and peppers to skillet and cook until chicken is cooked through, about 3 minutes. Remove from heat and stir in lime juice. Serve, if desired, with warm tortillas, sliced avocado and/or sour cream.