In a large pot or Dutch oven, heat the olive oil over medium heat.
Add the diced onion and bell pepper; sauté for about 4-5 minutes or until they are softened.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the rice to the pot, stirring to coat it with the oil and vegetables. Toast the rice for 2-3 minutes, stirring frequently.
Pour in the enchilada sauce and vegetable broth. Add the black beans, corn, cumin, chili powder, smoked paprika, salt, and pepper. Stir everything together until well combined.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot and simmer for about 20 minutes, or until the rice is tender and has absorbed most of the liquid.
Once cooked, remove the pot from the heat, and stir in half of the shredded cheese until melted and incorporated.
Sprinkle the remaining cheese over the top, cover the pot again, and let it sit for a few minutes to melt the cheese.