Preheat the oven to 350 degrees.
In a large oven safe skillet (we love our cast iron chicken fryer for this!), heat the oil over medium heat. Add the beef and vegetables, spreading them out over the pan, and cook, undisturbed, 2-3 minutes, or until beef is browned on the bottom. Stir and continue to cook another 3-4 minutes, stirring occasionally, until the beef is fully browned and onions and peppers are softened.
Add the garlic to the skillet and saute until fragrant. Season the beef to taste with salt and pepper. (We use about 1 teaspoon of Kosher salt and ½ teaspoon of pepper). If needed, drain off any excess grease, so only a teaspoon or so emain.
Stir in the chili powder, rice, diced tomatoes, sugar, and beef broth until well combined.
Bake the mixture, covered, for 40-45 minutes or until rice is tender and the liquid is absorbed. Remove the dish from the oven, stir, and sprinkle with cheese. Return to the oven, uncovered, for about 8 minutes, or until cheese is melty. Serve with fresh cilantro and toppings of your choice.