Heat the olive oil in a large pot or deep skillet over medium-high heat.
Add the ground beef and cook, breaking it apart with a spoon, until browned and cooked through, about 5-7 minutes.
Add the diced onion and cook until softened, about 3 minutes.
Stir in the minced garlic, ground cumin, chili powder, smoked paprika, dried oregano, salt, and black pepper. Cook for 1 minute until fragrant.
Add the rinsed rice to the pot and stir to coat the rice with the spices and beef mixture.
Pour in the beef broth, then add the black beans and diced tomatoes with green chilies. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot with a tight-fitting lid and simmer for 18-20 minutes, or until the rice is tender and liquid is absorbed.
Remove the pot from heat and sprinkle the shredded cheddar cheese evenly over the top. Cover again and let sit for 5 minutes to melt the cheese.
Sprinkle the chopped fresh cilantro over the top before serving.