In a large skillet, heat the olive oil over medium-high heat. Season the sliced flank steak with garlic powder, onion powder, smoked paprika, salt, and pepper. Add the steak to the skillet and cook for about 4-5 minutes, or until browned and cooked to your desired doneness. Remove from the skillet and set aside.
In the same skillet, add the rice and toast for 1-2 minutes, stirring frequently. Pour in the beef broth and bring to a boil. Reduce the heat to low, cover, and simmer for 15-18 minutes, or until the rice is tender and the liquid is absorbed.
Once the rice is cooked, stir in the queso dip, black beans, corn, and diced tomatoes. Mix well until everything is heated through and combined.
Add the cooked steak back into the skillet and gently fold it into the rice mixture. Cook for an additional 2-3 minutes to warm everything together.
Remove from heat and sprinkle the shredded cheddar cheese on top. Cover for a few minutes until the cheese melts.
Serve hot, garnished with fresh cilantro and lime wedges on the side.