Grab a medium saucepan and heat up the oil over medium heat. Add your long grain rice and stir it around for about 3-5 minutes, until it's slightly toasted and opaque.
Pour in the chicken broth, tomato sauce, cumin, garlic powder, and a good pinch of salt. Give it a stir.
Bring the mixture to a boil, then immediately reduce the heat to low. Cover the pot tightly with a lid and let it simmer gently for about 15-20 minutes, or until all the liquid is absorbed and the rice is tender. Once done, take it off the heat and let it sit, still covered, for 5 minutes before fluffing with a fork.
While your rice is simmering, season your thinly sliced steak in a bowl with the garlic powder, onion powder, smoked paprika, chili powder, cumin, salt, and pepper. Toss it around so every piece is coated.
Heat the olive oil and butter in a large skillet (cast iron works great here if you have one!) over medium-high heat. Once the butter is melted and sizzling slightly, add half of your seasoned steak in a single layer.
Cook for just 1-2 minutes per side until browned and cooked through. Remove the cooked steak to a plate and repeat with the remaining steak.
Reduce the heat slightly if needed, and add your sliced bell peppers and onion to the same skillet. Cook, stirring occasionally, for about 5-7 minutes, or until the veggies are softened and slightly caramelized.
Return all the cooked steak to the skillet with the veggies. Pour the queso dip over everything and stir gently to combine. Let it heat through for a minute or two.
Sprinkle the shredded cheese evenly over the top. You can pop a lid on for a minute or two or slide the skillet under a broiler for a quick melt if you like that slightly browned cheese top (keep a close eye on it!).
Now, scoop some fluffy Mexican rice onto your plates and pile that incredible queso steak fajita skillet mixture right over the top. Dinner is served!