Push the onion and pepper mixture to the side of the pan and add the ground beef. Brown the beef, breaking it up with a spatula until no longer pink. Drain excess fat.
Stir in taco seasoning and mix well with the beef. Add in the diced tomatoes with green chilies and stir to combine.
Add uncooked rice and pour beef broth over the mixture. Bring to a boil, then reduce heat to simmer. Cover and let cook until rice is tender, about 20 minutes.
Sprinkle shredded cheddar cheese over the top. Cover and let cheese melt before serving. Garnish with fresh cilantro.
Notes
To ensure a richer flavor, let the cooked dish sit covered for 5 minutes before serving. This allows the flavors to meld together.