Preheat your grill or grill pan over medium-high heat.
In a small bowl, mix together the chili powder, garlic powder, onion powder, cumin, paprika, salt, and pepper. Rub this spice mixture evenly over both sides of the chicken breasts.
Drizzle the olive oil over the chicken and place it on the grill. Cook for about 6-7 minutes on each side, or until the internal temperature reaches 165°F.
During the last few minutes of cooking, top each chicken breast with salsa and shredded Monterey Jack cheese. Close the grill lid to melt the cheese.
Once cooked, remove the chicken from the grill and drizzle with lime juice.
Serve the chicken topped with sour cream and chopped cilantro. Garnish with lime wedges on the side.