In a large pot or Dutch oven, heat the olive oil over medium heat. Add the chicken pieces, season with salt, pepper, garlic powder, and onion powder. Cook until the chicken is browned and cooked through, about 5-7 minutes.
Stir in the rice, diced tomatoes with green chilies, and chicken broth. Bring to a boil, then reduce the heat to low. Cover and simmer for 15-20 minutes, or until the rice is tender and has absorbed most of the liquid.
Once the rice is cooked, stir in the queso cheese sauce and frozen corn. Cook for an additional 5 minutes, stirring occasionally, until heated through.
Remove from heat and sprinkle the shredded cheddar cheese on top. Cover for a few minutes to allow the cheese to melt.
Garnish with chopped cilantro if desired and serve with sour cream on the side.