In a large skillet, heat the olive oil over medium heat. Add the diced onion and sauté for about 3-4 minutes until it becomes translucent.
Add the minced garlic to the skillet and cook for an additional minute until fragrant.
Incorporate the ground beef into the skillet and season with chili powder, cumin, salt, and pepper. Cook until the beef is browned and cooked through, about 5-7 minutes. Drain excess fat if necessary.
Stir in the rice, diced tomatoes (with their juices), and beef broth. Bring the mixture to a boil.
Once boiling, reduce the heat to low, cover the skillet, and let it simmer for about 15 minutes, or until the rice is tender and liquid is absorbed.
Remove the skillet from the heat and stir in 1 ½ cups of shredded cheddar cheese until melted and combined.
Transfer the mixture to a greased 9x13 inch baking dish. Sprinkle the remaining ½ cup of cheddar cheese on top.
Bake in the preheated oven for 15-20 minutes or until the cheese is bubbly and lightly golden.
Remove from the oven and let it cool for a few minutes. Garnish with fresh parsley if desired before serving.