Heat the olive oil in a large skillet over medium-high heat. Add the ground beef and cook until it’s browned and cooked through, breaking it up with a spoon as it cooks. This should take about 5 minutes. Drain any excess fat if needed.
Sprinkle the garlic powder, onion powder, salt, pepper, and taco seasoning over the browned beef. Stir well to coat the meat evenly with the spices, allowing the flavors to meld for a minute or two.
Pour in the uncooked white rice and beef broth. Stir to combine everything thoroughly. The beef broth will add a rich flavor to the rice as it cooks.
Add the drained black beans, corn, and diced tomatoes into the skillet. Stir gently to distribute evenly.
Reduce the heat to low and cover the skillet with a tight-fitting lid. Let it simmer undisturbed for about 15 minutes, or until the rice is tender and has absorbed most of the liquid.
Once the rice is cooked, sprinkle the shredded cheddar cheese over the top. Cover the skillet again and let the cheese melt, about 2-3 minutes. Finally, garnish with freshly chopped cilantro before serving.