Heat the olive oil in a large skillet over medium-high heat. Add the chicken thighs to the skillet. Sprinkle half of the fajita seasoning over the chicken. Cook the chicken for about 5 to 7 minutes, stirring occasionally, until browned and cooked through.
Add the diced bell pepper, onion, and garlic to the skillet with the chicken. Sprinkle the remaining fajita seasoning, smoked paprika, and garlic powder over the vegetables. Season with salt and pepper.
Add the tomato paste and stir. Sauté for another 3 to 4 minutes until the vegetables begin to soften. Stir in the uncooked rice, mixing it well with the chicken and vegetables. Pour in the chicken broth and heavy cream. Stir to combine all the ingredients thoroughly.
Bring the mixture to a boil. Reduce the heat to low, cover the skillet with a lid, and let it simmer for 18 to 20 minutes (or according to your rice package instructions), until the rice is tender and the liquid is absorbed.
Once the rice is cooked, remove the skillet from heat. Fluff the rice gently with a fork. Sprinkle the shredded cheddar cheese evenly over the top. Cover the skillet again for 2 to 3 minutes to allow the cheese to melt.
Sprinkle chopped fresh cilantro over the top. Serve hot and enjoy!
