Combine first 5 ingredients in a small bowl; mix well. Combine picante sauce, vegetable juice, and water in a separate bowl.
Heat a large nonstick skillet coated with cooking spray over medium-high heat. Add chicken; sprinkle evenly with chili powder mixture. Top with bell pepper and onion. Drizzle with picante sauce mixture. Bring to a boil; cover, reduce heat, and simmer 40 minutes or until chicken is no longer pink in the center, stirring occasionally.