Heat oil in large skillet over medium-high heat until hot. Add rice, cumin and chili powder; cook and stir 1 minute.
Stir in all remaining ingredients except cheese. Bring to a boil. Reduce heat; cover and simmer 15 to 18 minutes or until liquid is absorbed and rice is tender, stirring occasionally.
Remove skillet from heat. Uncover; fluff mixture with fork. Sprinkle with cheese. Cover; let stand 1 to 2 minutes or until cheese is melted before serving.