Season the cubed steak with chili powder, cumin, garlic powder, onion powder, salt, and pepper.
Heat 1 tablespoon of olive oil in a large skillet over medium-high heat. Sear the steak cubes until browned on all sides, approximately 3-4 minutes. Remove steak and set aside.
Add the remaining tablespoon of oil to the same skillet. Sauté the onion and bell pepper for 5 minutes until softened.
Add the dry rice to the skillet and toast for 2 minutes, stirring frequently to prevent burning.
Pour in the beef broth and bring the mixture to a boil.
Reduce heat to low, cover with a tight-fitting lid, and simmer for 18 minutes or until the liquid is fully absorbed and rice is tender.
Stir the cooked steak back into the rice.
Fold in the queso dip until the mixture is uniform and creamy.
Remove from heat and garnish with chopped cilantro before serving.