Heat the olive oil in a large, deep skillet or Dutch oven over medium-high heat. Add the ground beef and cook until browned. Drain off any excess fat.

Add the chopped onion to the skillet and cook until softened, about 3 minutes.

Stir in the taco seasoning mix and cook for 1 minute until fragrant.

Add the uncooked rice, chicken broth, diced tomatoes with green chilies, and frozen corn to the skillet. Stir everything together well.

Bring the mixture to a boil. Once boiling, reduce the heat to low, cover the skillet tightly, and simmer for 18 to 20 minutes, or until the liquid is absorbed and the rice is tender. Do not lift the lid during this time.

Remove the skillet from the heat. Let it stand, covered, for 5 minutes.

Remove the lid and stir in the Monterey Jack cheese and cheddar cheese until melted and creamy.

Serve immediately, garnished with fresh cilantro.