Prep all ingredients: dice onion and bell pepper, mince garlic, rinse and drain beans, drain corn, open cans, and measure spices before cooking begins.
Heat olive oil in a 12-inch skillet over medium-high heat. Add onion and cook until softened, about 2 minutes. Add ground beef and cook, breaking apart, until browned and caramelized, 6-8 minutes. Drain excess fat if needed.
Reduce heat to medium. Add garlic and cook until fragrant, 30-60 seconds. Add bell pepper and cook 1-2 minutes until slightly softened. Stir in taco seasoning, chili powder, cumin, smoked paprika, and tomato paste, cooking 1 minute to deepen flavor.
Stir in uncooked rice to coat in the spiced beef mixture. Add undrained tomatoes, beef broth, salsa, black beans, and corn. Season with salt and pepper to taste, stirring well to combine.
Bring mixture to a gentle boil over medium-high heat. Reduce heat to low, cover with a tight-fitting lid, and simmer undisturbed for 18-22 minutes, until rice is tender and liquid is absorbed.
Remove from heat and sprinkle shredded cheese evenly over the top. Replace lid and let stand 2-3 minutes until cheese melts. Optionally broil 1-2 minutes for a golden, bubbly top.
Garnish with sour cream, avocado, cilantro, jalapenos, pico de gallo, lime wedges, and tortilla chips. Serve immediately while cheese is warm and melty.