Season the chicken breast with fajita seasoning and cook in olive oil in a skillet until browned and cooked through; slice or dice and set aside.
In the same skillet, sauté the bell pepper, onion, and garlic until softened.
In a saucepan, melt the butter, whisk in the flour to form a roux, then whisk in the chicken broth and heavy cream until smooth.
Stir in the shredded cheese and smoked paprika, whisking until the sauce is melted and creamy; season with salt and pepper.
Boil the macaroni pasta according to package directions, then drain.
Combine the pasta, chicken, and sautéed peppers with the cheese sauce and toss to coat.
Optional: transfer to an oven-safe dish, top with extra cheese or crushed tortilla chips, and broil until golden.
Serve topped with cilantro and a squeeze of lime.