In a large pot or Dutch oven, heat the olive oil over medium heat. Add the diced onion, bell pepper, and garlic; sauté for about 5 minutes until the vegetables are softened.
Stir in the rinsed rice and cook for another 2 minutes, allowing the rice to absorb some flavors.
Pour in the vegetable broth and enchilada sauce. Add the black beans, corn, cumin, chili powder, salt, and pepper. Stir well to combine all ingredients.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot with a lid and simmer for about 20-25 minutes, or until the rice is tender and the liquid has been absorbed, stirring occasionally.
Once the rice is cooked, remove the pot from the heat and sprinkle the shredded cheese over the top. Cover again for a few minutes until the cheese melts.
Before serving, fluff the rice with a fork and garnish with freshly chopped cilantro.
Notes
Feel free to customize with your favorite vegetables or proteins.