In a large skillet or pan, heat the olive oil over medium-high heat. Season the steak strips with salt, pepper, cumin, and chili powder.
Add the steak strips to the pan and sear for about 3-4 minutes on each side or until they reach your desired doneness. Remove the steak from the pan and set aside.
In the same pan, add the diced onion, bell pepper, and garlic. Sauté for about 3-5 minutes until the vegetables are softened.
Stir in the rice, allowing it to toast for about 1-2 minutes. This enhances the flavor and prevents it from becoming mushy.
Pour in the beef broth and bring the mixture to a boil. Lower the heat to a simmer, cover the pan, and let it cook for 15-20 minutes until the rice is tender and has absorbed most of the liquid.
With a fork, fluff the rice and return the seared steak to the pan. Pour the queso cheese dip over the steak and rice, gently stirring to combine and heat through.
Cook for an additional 2-3 minutes until the queso is bubbling and everything is heated through.
Remove from heat, garnish with fresh cilantro, and serve with lime wedges on the side for squeezing over the dish.
Notes
Feel free to customize the vegetables based on your preference.