Brown the Beef: Heat the olive oil in a large deep skillet over medium-high heat. Add the ground beef and cook until browned, breaking it into small crumbles. Drain any excess grease if necessary.
Cook the Aromatics: Add the diced onion and cook for about 3–4 minutes until softened. Stir in the garlic and cook for another 30 seconds until fragrant.
Season Everything: Sprinkle the taco seasoning over the beef mixture and stir well until evenly coated.
Add the Rice: Stir in the uncooked rice, allowing it to toast for about one minute to enhance its flavor.
Pour in the Liquids: Add the diced tomatoes, tomato sauce, and beef broth. Stir well to combine.
Simmer: Bring everything to a gentle boil. Reduce the heat to low, cover, and simmer for 18–20 minutes, or until the rice is tender and most of the liquid has been absorbed.
Add the Beans and Corn: Stir in the black beans and corn. Cook for another 2–3 minutes until heated through.
Melt the Cheese: Sprinkle the cheddar and Monterey Jack cheese evenly over the top. Cover the skillet for 2–3 minutes until the cheese is completely melted and irresistibly gooey.
Garnish and Serve: Top with fresh cilantro, sliced green onions, avocado, jalapeños, a dollop of sour cream, and a squeeze of fresh lime juice. Serve immediately while the cheese is hot and stretchy.