In this paper, we comprehensively investigate the achievable rates of selected band-limited intensity modulation schemes, which are important for optical wireless communication applications, while accounting for the specific nature of their signal construction (non-negative, real, and baseband), and imposing identical bandwidth and average optical power constraints. Furthermore, we identify/devise methods to effectively trade between these parameters. Three variants of orthogonal frequency division multiplexing (OFDM), namely, asymmetrically clipped optical OFDM (ACO-OFDM), spectrally and energy efficient OFDM (SEE-OFDM), and dc-biased optical OFDM (DCO-OFDM), and single-carrier pulse amplitude modulation are studied. The clipping noise in ACO-OFDM and SEE-OFDM is found to consume a large excess bandwidth. The detrimental effects of this excess bandwidth on the achievable rate are evaluated. For SEE-OFDM, the problem of optimal power allocation among its components is formulated and solved using the Karush-Kuhn-Tucker method. For DCO-OFDM, the clipping noise is modeled and incorporated in the analysis. Among the existing schemes, DCO-OFDM yields the best overall performance, due to its compact spectrum. In order to improve the achievable rate, we propose and analyze two improved distortionless variants, filtered ACO-OFDM and filtered SEE-OFDM (FSEE-OFDM), which yield better spectral efficiency than ACO-OFDM and SEE-OFDM, respectively. FSEE-OFDM, being the most spectrally efficient, outperforms all schemes.