Rinse the rice under cold water until the water runs clear.
In a medium saucepan, bring 2 cups of water to a boil. Add the rinsed rice, reduce heat to low, cover, and simmer for 15 minutes or until the rice is tender and water is absorbed.
Remove the rice from heat and let it sit covered for 5 minutes, then fluff with a fork.
While the rice cooks, heat the vegetable oil in a large skillet over medium-high heat.
Add the chopped onion and cook for 3-4 minutes until softened.
Add the minced garlic and cook for 30 seconds until fragrant.
Add the ground beef to the skillet, breaking it up with a spoon. Cook until browned and no longer pink, about 6-8 minutes.
Drain excess fat from the skillet if necessary.
Stir in chili powder, ground cumin, smoked paprika, dried oregano, cayenne pepper, salt, and black pepper. Mix well to coat the beef evenly with the spices.
Add the tomato sauce to the beef mixture and stir to combine. Simmer for 5 minutes to let the flavors meld.
To assemble each taco rice bowl, divide the cooked rice evenly among four bowls.
Top each bowl with the seasoned ground beef mixture.
Sprinkle shredded cheddar cheese over the hot beef to allow it to melt slightly.
Add shredded lettuce, diced tomato, sliced black olives, and chopped cilantro on top.
Add a dollop of sour cream to each bowl and serve with lime wedges on the side for squeezing over the bowl.