Step 1: Start the Queso Base: In a medium skillet over medium heat, melt the butter. Add minced garlic and stir for about a minute until fragrant. Pour in the whole milk and gently bring it to a simmer.
Step 2: Cook the Rice: While the milk heats, rinse the rice under cold water until clear. Heat 1 tbsp olive oil in a saucepan, add the rinsed rice and 1 tsp garlic powder, and toast for about 2 minutes, stirring constantly. Pour in the broth or water and a pinch of salt. Bring to a boil, then cover, reduce heat to low, and simmer for 18 to 20 minutes until tender and liquid is absorbed. Let it sit, covered, for another 5 minutes off the heat before fluffing.
Step 3: Prep the Steak: Pat the steak dry with paper towels. Rub it all over with 1 tbsp olive oil. In a small bowl, mix paprika, 2 tsp cumin, 1 tsp garlic powder, salt, and pepper. Sprinkle this spice mix all over the steak, pressing it in gently.
Step 4: Cook the Steak: Get a large skillet very hot over medium-high or high heat. Carefully lay the seasoned steak in the hot skillet. Sear for 4 to 5 minutes per side, adjusting time for desired doneness (4 mins/side for medium-rare, 5 mins/side for medium).
Step 5: Rest and Slice the Steak: Transfer the cooked steak to a cutting board. Let it rest for 5 to 10 minutes. After resting, slice it thinly against the grain.
Step 6: Finish the Queso Sauce: Return to the simmering milk base (keep heat low). Gradually add shredded cheddar and Monterey Jack cheeses, a handful at a time, stirring constantly until melted and smooth. Stir in chili powder, 0.5 tsp ground cumin, and season with salt and pepper to taste.
Step 7: Prepare Garnishes (Optional): If using, chop cilantro, cut lime wedges, slice avocado, and slice jalapeños.
Step 8: Assemble and Serve: Divide the cooked rice among plates or bowls. Arrange sliced steak on top of the rice. Generously spoon the queso sauce over everything. Garnish with prepared optional toppings. Serve immediately.