Heat olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the ground beef and cook, breaking it up with a spoon, until browned and cooked through, about 5-7 minutes.
Add the diced onion and minced garlic to the beef and cook for 2-3 minutes until the onion is softened.
Stir in the rinsed rice, beef broth, water, black beans, diced tomatoes with green chilies, chili powder, cumin, smoked paprika, salt, and black pepper.
Bring the mixture to a boil, then reduce the heat to low and cover the pot with a tight-fitting lid.
Simmer for 18-20 minutes, or until the rice is tender and has absorbed most of the liquid.
Remove the lid and stir in the frozen corn kernels. Cover again and cook for an additional 3-5 minutes until the corn is heated through.
Remove from heat and sprinkle the shredded cheddar cheese over the top. Cover the pot for 2 minutes to allow the cheese to melt.
Garnish with chopped fresh cilantro and diced avocado.
Serve the beef burrito bowl with a dollop of sour cream and lime wedges on the side.