Heat olive oil in a large skillet over medium-high heat.
Add sliced steak and cook until browned and cooked through.
Remove steak from skillet and set aside.
In the same skillet, sauté onions, bell peppers, and garlic until soft.
Return the cooked steak to the skillet and mix well.
Season with salt, black pepper, and chili powder.
Add cooked rice and stir to combine evenly.
Pour queso cheese sauce over the mixture and stir until creamy.
Cook for 2–3 minutes until heated through.
Garnish with fresh cilantro and serve hot.