Pat the steak dry with paper towels, rub with olive oil and coat with paprika, cumin, garlic powder, salt, and pepper.
Heat a large skillet until very hot and sear the steak for about 4–5 minutes per side.
Transfer the steak to a cutting board and let it rest for 5–10 minutes before slicing thinly across the grain.
Rinse the rice under cold water, then heat olive oil in a pot, stir in rice and garlic powder, add broth or water, bring to a boil, cover, and simmer for 18–20 minutes.
Melt butter in the same skillet, add chopped garlic and cook until fragrant, then pour in whole milk and bring to a simmer.
Gradually incorporate shredded cheeses into the milk mixture until smooth, then season with cumin, chili powder, salt, and pepper.
Spoon cooked rice onto plates, top with sliced steak, and ladle warm queso sauce over everything. Garnish with cilantro, lime wedges, avocado slices, and jalapeños.