Preheat your oven to 375°F (190°C).
In a small bowl, mix together olive oil, smoked paprika, garlic powder, onion powder, cumin, salt, and black pepper.
Rub this spice mixture generously over the chicken breasts.
In a large, oven-safe skillet or Dutch oven, heat 1 tablespoon of olive oil over medium heat. Add the chicken breasts and sear on each side until golden brown, about 3-4 minutes per side. Remove chicken breasts and set aside.
In the same skillet, add the rice and stir well to coat with the remaining juices and oil.
Pour in the chicken broth and diced tomatoes with green chilies. Stir to combine.
Nestle the seared chicken breasts into the rice mixture and bring to a simmer.
Cover the skillet and transfer to the preheated oven. Bake for 20-25 minutes or until the chicken is cooked through and the rice is tender.
Remove from the oven and sprinkle shredded Mexican blend cheese over the chicken and rice. Return to the oven until the cheese is melted, about 5 minutes.
Drizzle queso sauce over the entire dish and garnish with chopped cilantro.
Serve hot with lime wedges on the side, if desired.