Prepare the Steak:
Pat the steak dry with paper towels. Rub olive oil over both sides. Season with paprika, cumin, garlic powder, salt, and pepper, pressing the spices gently into the meat.

Cook the Steak:
Heat a large skillet over high heat until very hot. Cook the steak for about 4 minutes per side for medium-rare or 5 minutes per side for medium doneness. Remove the steak and let it rest on a cutting board for 5-10 minutes. Then slice thinly against the grain.

Cook the Rice:
Rinse the rice under cold water until the water runs clear. In a medium pot, heat olive oil over medium heat. Add the rice and garlic powder, stirring to coat the grains evenly. Toast for 2 minutes. Add broth or water and a pinch of salt. Bring to a boil, then reduce heat to low, cover, and simmer for 18-20 minutes until rice is tender.

Make the Queso Sauce:
In the skillet used for the steak, melt butter over medium heat. Add the chopped garlic and cook until fragrant, about 1 minute. Slowly stir in the milk and bring to a gentle simmer. Gradually add shredded cheddar and Monterey Jack cheese in small handfuls, stirring constantly until fully melted and smooth. Season with cumin, chili powder, salt, and pepper to taste.

Assemble and Serve:
Plate the cooked rice, top with sliced steak, and drizzle warm queso sauce over everything. Garnish with fresh cilantro, jalapeños, avocado slices, and lime wedges if desired. Serve immediately.