Rinse the rice thoroughly. Toast it in olive oil with garlic powder, then add broth or water and a pinch of salt. Simmer covered for 18–20 minutes until fluffy. Let it rest for 5 minutes off the heat.
Pat the steak dry, rub with olive oil, and coat with paprika, cumin, garlic powder, salt, and pepper. Press seasoning into the meat.
Sauté garlic in butter, add milk, and bring to a simmer. Gradually whisk in cheeses until smooth. Season with chili powder, cumin, salt, and pepper. Keep warm.
Sear steak in a hot skillet for 4–5 minutes per side or to your desired doneness. Rest for 5–10 minutes, then slice thinly against the grain.
Spoon rice onto plates, top with sliced steak, drizzle with warm queso sauce, and add desired garnishes like cilantro, lime, avocado, or jalapeños.