Heat vegetable oil in a large wok or heavy-bottomed skillet over medium-high heat.
Add the sliced chicken and sear until browned and cooked through, approximately 5 minutes. Remove chicken and set aside.
Add red curry paste to the skillet and sauté for 1 minute until fragrant and the oil begins to separate.
Whisk in the coconut milk and peanut butter, stirring continuously until the mixture is smooth and homogenous.
Add the fish sauce and brown sugar, stirring to dissolve.
Add the red bell peppers and bamboo shoots, simmering for 5 to 7 minutes until the vegetables reach a tender-crisp texture.
Return the cooked chicken to the pan and simmer for 2 minutes until the sauce thickens to a coating consistency.
Remove the pan from heat and stir in the fresh lime juice.
Serve immediately over steamed jasmine rice, garnished with crushed peanuts and fresh cilantro.