In a large pot, heat the olive oil over medium heat. Once the oil is shimmering, add the diced onion. Sauté the onion for approximately 3-4 minutes, or until it becomes translucent.
Add the minced garlic to the pot, stirring continuously for about 1 minute until fragrant. Be cautious not to let it brown.
Incorporate the ground beef or turkey into the pot. Cook until the meat is well-browned, using a wooden spoon to break it apart, which should take about 5-7 minutes. Season generously with salt and pepper during this step.
Sprinkle the taco seasoning over the meat, stirring well to ensure the meat is evenly coated with spices.
Add the rinsed rice, black beans, diced tomatoes (including their juices), corn, and broth to the pot. Stir to combine all ingredients effectively. Bring the mixture to a rolling boil.
Once boiling, reduce the heat to low and cover the pot with a lid. Allow the contents to simmer gently for about 20 minutes, or until the rice is cooked through and has absorbed most of the liquid. Remember to stir occasionally to prevent sticking.
After cooking, remove the pot from heat. Stir in the shredded cheddar cheese until it melts completely and blends through the dish.
With a fork, fluff the rice gently to separate the grains. Optionally, garnish with fresh cilantro for a burst of color and flavor before serving hot.