Pat steak cubes completely dry with paper towels. In a small bowl, combine garlic powder, onion powder, smoked paprika, salt, and pepper. Toss the steak pieces with this seasoning blend until well-coated.

Heat olive oil in a large, heavy-bottomed skillet or Dutch oven over medium-high heat. Add the seasoned steak in a single layer, working in batches if needed. Sear undisturbed for 2-3 minutes until golden-brown edges form. Flip and sear another 2 minutes. Transfer to a plate and set aside.

In the same pan with the browned bits, add the diced onion and bell pepper. Cook for 3-4 minutes, stirring occasionally, until the onion becomes translucent and the pepper starts to soften.

Add the minced garlic and cook for another 30 seconds until fragrant.

Add the rice to the pan and stir constantly for 1-2 minutes until slightly golden and nutty smelling.

Slowly pour in the beef broth, scraping up any browned bits from the bottom of the pan with a wooden spoon.

Bring the mixture to a boil, then immediately reduce heat to low and cover tightly. Simmer for 18-20 minutes without lifting the lid.

In a medium saucepan, warm the milk over medium-low heat until just steaming. Add the cubed cream cheese and whisk continuously until completely smooth and melted, about 3-4 minutes.

Gradually add the shredded cheddar and Monterey Jack cheeses, one handful at a time, whisking constantly until each addition melts completely.

Stir in cumin and chili powder, then season with salt to taste. The sauce should coat the back of a spoon and have a smooth, creamy consistency.

Once the rice has absorbed all the liquid and feels tender, gently fold in the seared steak pieces.

Pour the warm queso sauce over everything and use a large spoon to carefully fold all components together until the cheese sauce coats every grain of rice and piece of steak.

Taste and adjust seasoning as needed.