In a large, deep skillet or cast-iron pan, heat the olive oil over medium-high heat.
Once hot, add the chicken pieces and season with salt and black pepper. Cook until browned on all sides, about 5-7 minutes. Remove the chicken and set aside.
Stir in the rinsed rice, cumin, chili powder, paprika, cayenne pepper, and a pinch of salt. Cook for another 2 minutes, stirring frequently to toast the spices and rice.
Pour in the chicken broth, black beans, and diced tomatoes with their juices. Stir well to combine. Return the browned chicken back to the skillet.
Bring the mixture to a boil, then reduce heat to low, cover, and simmer for about 20-25 minutes, or until the rice is cooked and has absorbed most of the liquid.
Once the rice is tender, stir in the frozen corn and sprinkle the cheese on top. Cover and let it sit for an additional 5 minutes until the cheese is melted.
Remove from heat, garnish with chopped cilantro, and serve with lime wedges on the side.