In a large skillet, heat the olive oil over medium-high heat.
Season the flank steak strips with salt, pepper, smoked paprika, and cumin.
Add the steak to the skillet and sear for about 3-4 minutes until browned on all sides. Remove the steak from the skillet and set aside.
In the same skillet, add the diced onion, bell pepper, and minced garlic. Sauté for about 5 minutes until the vegetables are softened.
Add the uncooked jasmine rice into the skillet and stir it well with the vegetables for 1-2 minutes to toast the rice slightly.
Pour in the beef broth and bring to a boil. Once boiling, reduce the heat to low, cover the skillet, and simmer for about 15 minutes or until the rice is cooked and has absorbed most of the liquid.
Once the rice is ready, add the cooked steak back into the skillet. Pour in the queso blanco and gently stir until everything is well combined and heated through.
Remove from heat and garnish with fresh cilantro. Serve immediately with lime wedges on the side for an added burst of flavor.