Soak the wood chips in water for at least 30 minutes.
Preheat your smoker to 225°F (107°C).
Mix olive oil, smoked paprika, garlic powder, onion powder, salt, black pepper, and cayenne pepper in a bowl.
Rub the spice mixture onto the chicken breasts.
Drain the wood chips and add them to the smoker.
Place chicken breasts on the grill grate, away from direct heat.
Close the lid and smoke the chicken for about 45 minutes.
Check that the internal temperature reaches 165°F (74°C).
Remove chicken and let it rest for 5-10 minutes.
Slice and serve with your favorite sides.