The capacity of MIMO intensity modulation channels is studied. The nonnegativity of the transmit signal (intensity) poses a challenge on the precoding of the transmit signal, which limits the applicability of classical schemes in this type of channels. To resolve this issue, capacity lower bounds are developed by using precoding-free schemes. This is achieved by channel inversion or QR decomposition to convert the MIMO channel to a set of parallel channels. The achievable rate of a DC-offset SVD based scheme is also derived as a benchmark. Then, a capacity upper bound is derived and is shown to coincide with the achievable rate of the QR decomposition based scheme at high SNR, consequently characterizing the high-SNR capacity of the channel. The high-SNR gap between capacity and the achievable rates of the channel inversion and the DC-offset SVD based schemes is also characterized. Finally, the ergodic capacity of the channel is also briefly discussed.