Pat the steak dry with paper towels, then rub it generously with olive oil, ensuring all sides are coated. Season with paprika, ground cumin, salt, and pepper. Marinate for about 10 minutes.

Heat a large skillet over high heat for 2-3 minutes. Sear the steak for 4-5 minutes on one side, then flip and sear the other side for another 4-5 minutes. Remove from skillet and let rest for 5-10 minutes.

In a medium pot, heat a tablespoon of olive oil over medium heat. Add rinsed rice and garlic powder, toasting for 2 minutes. Pour in broth or water, bring to a boil, then cover and simmer for 18-20 minutes until fluffy.

In the same skillet, reduce heat to medium, melt 2 tablespoons of butter. Sauté 2 minced garlic cloves for 1 minute. Gradually stir in 1 cup of whole milk and heat until it simmers.

Slowly add cheddar and Monterey Jack cheeses to the skillet, stirring until melted and smooth. Sprinkle in chili powder, salt, and pepper. Cook for 2-3 minutes until creamy.

Fluff cooked rice and distribute evenly onto serving plates. Top with sliced steak and ladle warm queso sauce over the dish.

For added flavor, garnish with chopped cilantro, lime wedges, avocado slices, or jalapeños. Serve immediately.