Heat olive oil in a large skillet over medium heat. Add onion and cook until softened.
Add ground beef and cook until browned, breaking it up as it cooks. Drain excess grease if needed.
Stir in taco seasoning, Rotel, beef broth, and rinsed rice.
Bring to a simmer, then cover and cook over medium low heat for about 20 minutes, or until the rice is tender and the liquid is absorbed.
Sprinkle cheddar cheese evenly over the top. Cover and cook for 2 more minutes, until melted.
Serve warm with sour cream and taco sauce.