Warm 1 tbsp butter in a pot over medium/high heat. Cut chicken into bite size pieces and cook on skillet until chicken is cooked through. Once chicken is cook remove and set aside.
Add remaining 1 tbsp butter to pot. Add diced bell peppers and onion and cook until tender. Add chicken back to the pot.
Add rotel (undrained) and velveeta cheese to your pot and cook until cheese is melted. Add in taco seasoning and chicken broth. Bring to a boil and then reduce heat and allow to shimmer for 10-15 minutes.
Optional: serve with fresh cilantro or tortilla chips