Heat olive oil in a large skillet over medium heat. Add the sliced onion and bell peppers and cook until softened.
Add the sliced chicken and fajita seasoning. Stir to coat everything and cook until the chicken is fully cooked through.
Add the garlic and Rotel. Stir to combine.
Add the rice, chicken broth, and tomato bouillon. Stir everything together.
Bring to a boil, then reduce the heat to low. Cover and cook for 20 minutes, or until the rice is tender and the liquid has been absorbed.
While the rice cooks, make the queso. Add the evaporated milk, green chiles, and the white American cheese to a small saucepan over low heat. Stir until the cheese is completely melted and the queso is smooth.
Fluff the rice, then pour the queso evenly over the top. Serve hot.