Place a large, nonstick pan over medium-high heat with olive oil and butter. Squeeze lime juice over chicken, season with salt, pepper, onion powder, and garlic powder. Rubbing in with your fingers.
Once the butter has melted, add the chicken to the pan. Fry each breast until golden on each side, approximately 3-4 minutes per side. The internal temperature should reach 165 degrees F. Time will be dependent on how thickly cut your chicken is. Transfer to a plate and cover to keep warm.
To the same pan, add the onion and roasted red pepper until the onion is translucent. Approximately 3-4 minutes. Add the minced garlic and reduce to medium heat. Allow garlic to cook 1 minute or until fragrant.
Add the chicken broth and stir to combine. Allow broth to simmer for 4-5 minutes to reduce. Add the half-n-half and whisk to thoroughly combine. If the sauce is not as thick as you would like it or too runny, combine 1 teaspoon of cornstarch with 1 tablespoon of water in a small mixing bowl. Once mixed, pour into the pan and whisk continuously to combine. The sauce will thicken quickly.
Once the sauce has thickened, add the lime juice, Italian seasoning, red pepper flakes (optional), and freshly chopped cilantro. Whisk to combine. Add chicken back to pan to warm.
Garnish with chopped basil or additional cilantro, parmesan cheese, and lime wedges. Serve with pasta, cauliflower rice, steamed veggies, or your favorite side dish!