Heat the olive oil in a large, deep skillet over medium heat.
Add the lean ground beef to the skillet and cook, breaking it up with a spoon, for about 5 to 7 minutes until browned and no longer pink.
Stir in the chopped yellow onion and cook for 3 to 4 minutes, until the onion softens and turns translucent.
Add the minced garlic, chili powder, ground cumin, smoked paprika, dried oregano, salt, and black pepper. Stir well and cook for 1 minute until the spices are fragrant.
Pour in the uncooked, rinsed long-grain white rice and stir to coat the rice in the beef and spice mixture.
Add the low-sodium beef broth and the diced tomatoes with their juices, stirring to combine and scraping the bottom of the skillet to release any browned bits.
Bring the mixture to a gentle boil, then reduce the heat to low, cover the skillet with a lid, and simmer for 15 minutes without lifting the lid.
After 15 minutes, remove the lid and stir in the drained and rinsed black beans and the frozen corn kernels, making sure they are evenly distributed.
Cover the skillet again and continue to cook on low heat for another 5 to 7 minutes, or until the rice is tender and most of the liquid has been absorbed.
Turn off the heat, sprinkle the shredded cheddar cheese evenly over the top of the skillet, and cover for 2 to 3 minutes to allow the cheese to melt.
Uncover the skillet, sprinkle the chopped fresh cilantro over the melted cheese, and let the dish rest for a couple of minutes before serving.