Heat a large skillet over medium heat and add in the oil and ground beef.
Saute for just a couple of minutes until the beef starts to brown, then add in the diced onion.
Saute until the beef is no longer pink, then add in the garlic and diced bell peppers. Saute for 3-4 more minutes.
Add in all remaining ingredients aside from the cilantro and cheese. Bring to a simmer, reduce the heat to low, then cover and simmer for about 20 minutes, stirring 2-3 times throughout.
Once the rice is fully cooked and the liquid is absorbed, stir in about 1/2 cup of cheese plus the cilantro.
Add the remaining cheese on top, cover and let melt. Remove from heat and serve with extra cilantro, avocado or red pepper flakes. Enjoy!