In a large bowl, combine soy sauce, olive oil, honey, garlic powder, ground ginger, black pepper, and red pepper flakes. Add the chicken pieces and mix well to coat. Cover and marinate in the refrigerator for at least 30 minutes, or up to 2 hours for more flavor.
If using wooden skewers, soak them in water for at least 30 minutes to prevent burning.
Preheat the grill to medium-high heat.
Thread the marinated chicken pieces onto the skewers, leaving a little space between each piece for even cooking.
Place the skewers on the grill and cook for about 10-15 minutes, turning occasionally, until the chicken is cooked through and has nice grill marks. The internal temperature should reach 165°F.
While the chicken is grilling, prepare the peanut sauce by whisking together peanut butter, soy sauce, honey, rice vinegar, lime juice, minced garlic, and grated ginger in a bowl. Add water a tablespoon at a time until the sauce reaches your desired consistency.
Serve the grilled chicken skewers hot with the peanut sauce on the side for dipping.