In a large skillet, heat the olive oil over medium-high heat. Season the sliced flank steak with garlic powder, onion powder, chili powder, cumin, salt, and pepper. Add the steak to the skillet and cook for about 5-7 minutes, or until browned and cooked through. Remove the steak from the skillet and set aside.
In the same skillet, add the rice and toast it for about 2 minutes, stirring frequently. Pour in the beef broth and bring to a boil. Reduce the heat to low, cover, and simmer for 15 minutes or until the rice is tender and the liquid is absorbed.
Once the rice is cooked, stir in the black beans, corn, and diced tomatoes. Add the cooked steak back to the skillet and mix everything together. Cook for an additional 2-3 minutes until heated through.
Remove the skillet from the heat and sprinkle the shredded cheddar cheese on top. Cover the skillet for a few minutes to allow the cheese to melt.
Serve the cheesy steak and rice hot, garnished with fresh cilantro and lime wedges on the side.