Heat olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add diced onion and cook for 3-4 minutes until softened.
Add minced garlic and cook for 30 seconds until fragrant.
Add ground beef to the skillet and cook, breaking it apart with a spoon, until browned and cooked through, about 6-8 minutes. Drain excess fat if necessary.
Stir in chili powder, cumin, smoked paprika, dried oregano, salt, and black pepper. Cook for 1 minute to toast the spices.
Add rinsed rice to the skillet and stir to coat with the beef and spices.
Pour in beef broth, diced tomatoes with green chilies (including liquid), black beans, and corn. Stir to combine.
Bring the mixture to a boil, then reduce heat to low. Cover the skillet with a lid and simmer for 18-20 minutes, or until the rice is tender and liquid is absorbed.
Remove skillet from heat and let it sit covered for 5 minutes.
Fluff the rice mixture with a fork and sprinkle shredded cheddar cheese evenly over the top. Cover again for 2 minutes to melt the cheese.
Garnish with chopped fresh cilantro and diced avocado.
Serve each portion topped with a dollop of sour cream and a lime wedge on the side.