Prepare the Steak: In a bowl, toss the steak cubes with olive oil, chili powder, cumin, garlic powder, salt, and pepper.

Cook the Rice: In a medium saucepan, heat olive oil over medium heat. Add the rinsed rice and cook for 1 minute, stirring constantly. Pour in the chicken broth and add salt. Bring to a boil, then reduce heat to low, cover, and simmer for 18 minutes, or until the rice is cooked and the liquid is absorbed. Fluff with a fork.

Sear the Steak: While the rice is cooking, heat the large skillet over high heat. Add the seasoned steak cubes in a single layer (work in batches if necessary) and sear for 2-3 minutes per side, until browned and cooked to your desired doneness. Remove the steak from the skillet and set aside.

Make the Queso: In the same skillet, melt butter over medium heat. Whisk in the flour and cook for 1 minute, creating a roux. Gradually whisk in the milk, stirring constantly to avoid lumps. Bring to a simmer and cook until the sauce thickens, about 2-3 minutes.

Add Cheese and Chiles: Reduce heat to low. Add the Velveeta cheese and Monterey Jack cheese to the sauce, stirring until melted and smooth. Stir in the diced green chiles and garlic powder. Season with salt and pepper to taste.

Combine and Serve: Gently stir the cooked rice and seared steak into the queso sauce. Mix until everything is well combined.

Garnish and Enjoy: Serve hot, garnished with chopped cilantro, diced tomatoes, sour cream, and avocado slices, if desired.