Start by heating olive oil in a large skillet over medium-high heat. Add the ground beef, breaking it up with your spoon as it cooks. Once the beef is fully browned, drain any excess grease to keep the dish light and flavorful.
Stir in the chopped onion, garlic, and red bell pepper. Sauté for 3–4 minutes until the vegetables begin to soften and the onion turns translucent. This base layer adds a savory sweetness that builds the flavor foundation.
Sprinkle in chili powder, cumin, paprika, crushed red pepper flakes, salt, and black pepper. Stir until the spices coat the beef mixture evenly and release their aroma. Toasting the spices briefly enhances their depth.
Pour in the uncooked rice, diced tomatoes with green chilies, black beans, corn, and chicken broth. Stir everything together so the rice is evenly distributed and submerged in the liquid.
Reduce the heat to low, cover the pan, and let it simmer for 20–25 minutes. Check occasionally to ensure the rice cooks through and absorbs all the flavorful liquid. Avoid stirring too often, which can make the rice mushy.
Once the rice is tender, remove the skillet from the heat. Sprinkle shredded cheddar cheese on top and cover again for 2–3 minutes, allowing it to melt. Garnish with fresh cilantro and a squeeze of lime before serving.