In a medium saucepan, heat the olive oil over medium heat.

Add the rinsed rice and cook, stirring constantly, for about 2-3 minutes, until the rice is lightly toasted.

Pour in the chicken broth and add the salt. Bring the mixture to a boil, then reduce the heat to low, cover the saucepan, and simmer for 18-20 minutes, or until all the liquid is absorbed and the rice is cooked through.

Remove the rice from the heat and fluff it gently with a fork. Set it aside while you prepare the queso.

In a separate medium saucepan, melt the butter over medium heat.

Whisk in the flour and cook, stirring constantly, for about 1-2 minutes to make a roux. Do not let it brown.

Slowly pour in the milk, whisking constantly to prevent lumps. Continue whisking until the mixture is smooth and begins to thicken, about 3-5 minutes.

Reduce the heat to low and add the processed cheese, Monterey Jack cheese, and sharp cheddar cheese.

Stir until all the cheeses are melted and the queso is smooth and creamy.

Stir in the garlic powder, onion powder, smoked paprika, and cayenne pepper (if using). Season with salt and pepper to taste.

Pour the cooked rice into the saucepan with the queso. Stir gently to combine, ensuring that all the rice is coated in the cheesy goodness.

If using any of the optional mix-ins, add them now. Stir in the diced tomatoes, cilantro, green onions, or jalapeños to your liking.

Serve immediately while it's warm and creamy. Garnish with extra cilantro or green onions, if desired.