Season the chicken breasts with salt and pepper. In a large, oven proof skillet (or Dutch Oven), heat the olive oil over medium-high heat. Add the chicken and cook about 3-4 minutes per side, until golden brown (you will finish cooking the chicken in the oven). Place chicken on a plate and tent with aluminum foil.
In the same pan, add the chicken stock, lime juice, onion powder (or diced onion), cilantro, and red pepper. Bring to a gentle boil, until reduced by half. Lower the heat and whisk in 1/3 Cup of the coconut milk. Add the chicken back into the pan with the sauce and place in the preheated oven. Cook until chicken is cooked through, about 15 minutes.
Meanwhile, in a sauce pan, add the remaining coconut milk, 1 and 1/3 Cups of water and the rice. Bring to a boil, reduce heat and cover. Let simmer until the rice is tender.
To serve place the rice on a plate. Top with chicken and pan sauce. Garnish with fresh cilantro and lime slices if desired.
** Nutritional information is an estimate and may vary.