Preheat your oven to 425°F (220°C).
In a large bowl, combine the olive oil, chili powder, cumin, garlic powder, onion powder, smoked paprika, salt, black pepper, lime juice, and lime zest. Mix well to create a marinade.
Add the chicken thighs to the bowl and coat them thoroughly with the marinade. Let them marinate for at least 30 minutes at room temperature or up to 2 hours in the refrigerator for more flavor.
Place the marinated chicken thighs on a baking sheet lined with parchment paper, skin side up.
Bake in the preheated oven for 35-40 minutes, or until the chicken is cooked through and the skin is crispy. The internal temperature should reach 165°F (75°C).
Remove from the oven and let rest for 5 minutes. Garnish with chopped cilantro before serving.