Heat olive oil in a medium saucepan over medium-high heat. Add bell peppers, and saute for 5 minutes. Add onion, and saute a couple minutes longer.
Stir in chicken, fajita seasoning, and water. Cook 5-7 minutes, stirring often, until chicken is cooked through.
Reduce heat to medium-low, and stir in cream cheese until incorporated. Heat, stirring often, until bubbly. Stir in monterey jack cheese until melted. Serve with tortilla chips.
Recipe Notes
To make this recipe with only three minutes prep, chop the onion and chicken while the bell pepper cooks.