In a large skillet, heat olive oil over medium heat.
Add ground beef, season with salt and pepper, and cook until browned. Drain excess fat if needed.
Stir in diced onion and bell pepper, cooking until softened, about 3-4 minutes.
Add garlic, cumin, chili powder, and cayenne; stir for 30 seconds until fragrant.
Add diced tomatoes (with juice), rice, and broth. Bring to a boil.
Reduce heat to low, cover, and simmer for 18-20 minutes, or until rice is tender and liquid is absorbed.
Remove from heat and sprinkle shredded cheese on top.
Cover for a few minutes until cheese melts, then garnish with cilantro or green onions and serve.