1. Heat olive oil in a large pot over medium heat. Add chopped onion and minced garlic, and sauté until softened.
2. Add chicken breast to the pot and cook until browned on all sides.
3. Pour in chicken broth, diced tomatoes, corn, and black beans. Stir in cumin, chili powder, salt, and black pepper.
4. Bring the soup to a boil, then reduce heat and let it simmer for about 20 minutes, or until the chicken is cooked through.
5. Remove the chicken breast from the pot, shred it using two forks, and return it to the soup. Stir well.
6. Serve hot, garnished with chopped cilantro and lime wedges on the side.