Heat a large pot or dutch oven over medium high heat with olive oil. Add the bell pepper, yellow onion, jalapeno, garlic, salt, pepper, cumin and chili powder. Cook, stirring, until the vegetables are tender, about 5 minutes. Add the arrowroot and stir until well-combined.
While stirring, slowly pour in 1 cup of broth until well-combined. Add the tomato paste. Continue to cook, stirring, the ‘roux’ for 2 minutes. Again, while stirring, slowly pour in 2 cups of broth until well-combined. Stir in the can of tomatoes and jalapeños and shredded chicken.
Cook, uncovered, simmering until the flavors have melded and chicken is tender,, about 10 minutes.
Garnish with shredded cheddar and cilantro. Serve alongside tortilla chips and enjoy!