In a large skillet, heat olive oil over medium-high heat. Add the sliced flank steak and season with garlic powder, onion powder, smoked paprika, salt, and pepper. Cook for about 3-4 minutes until browned, stirring occasionally.
Add the diced onion and bell peppers to the skillet. Cook for an additional 3-4 minutes until the vegetables are tender.
Stir in the cooked rice and beef broth, mixing well to combine all ingredients. Cook for another 2-3 minutes until heated through.
Sprinkle the shredded cheddar cheese over the top of the mixture. Cover the skillet and reduce the heat to low. Allow the cheese to melt for about 2-3 minutes.
Remove from heat and garnish with fresh parsley before serving.