Combine seasoning mix and water in medium bowl. Add chicken; toss until evenly coated. Cover. Refrigerate at least 30 minutes.
Spray large nonstick saucepan with nonstick cooking spray. Add garlic and cilantro; cook on medium-high heat 1 minute. Add chicken mixture, onions and bell peppers; mix well. Cook 10 minutes or until chicken is cooked through, stirring frequently.
Add cream cheese, Velveeta and chicken broth; mix well. Reduce heat to medium. Cook until cream cheese and Velveeta are completely melted and chicken mixture is heated through, stirring occasionally.