Heat olive oil in a Dutch oven or soup pot, over medium heat. Add the onion and bell peppers and cook until the onion is soft and translucent, approximately 5 minutes.
Add the red and green enchilada sauces; cook for 5 minutes. Add the diced tomatoes, jalapeño, and black beans. Stir to combine.
Add the chicken breast and chicken broth. Stir and cook for about 10 to 15 minutes, stirring occasionally.
Remove from heat and top with freshly chopped cilantro and queso fresco.
Serve warm.