Set a large pot over medium heat and pour in olive oil.
Brown ground beef, seasoning with salt & pepper.
Toss in garlic and onions and continue cooking until onions start to soften.
Add the bell peppers, onion powder, garlic powder, red pepper flake, and Goya Sazón, stirring everything together.
Pour in beef broth and crushed tomatoes.
Bring to a boil, then reduce to a simmer and cover to cook until peppers begin to soften, about 25-35 minutes.
Stir in the rice and half of the shredded cheese.
Ladle the soup into bowls & top with remaining cheese.