In a large skillet over medium heat, add the ground beef and cook until browned, breaking it apart with a spatula, about 5-7 minutes. Drain excess fat if necessary.
Add the diced onion, bell pepper, and minced garlic to the skillet. Sauté for about 3-4 minutes until the vegetables are softened.
Stir in the chili powder, cumin, paprika, salt, and pepper. Cook for an additional minute to toast the spices.
Add the rice, black beans, diced tomatoes (with their juice), and beef broth. Stir to combine all ingredients.
Bring the mixture to a boil, then reduce the heat to low. Cover the skillet and simmer for about 20 minutes, or until the rice is cooked and has absorbed the liquid.
Remove the skillet from heat and sprinkle the shredded cheddar cheese on top. Cover again for a few minutes until the cheese is melted.
Garnish with fresh cilantro and serve with lime wedges on the side.