In a large skillet, heat olive oil over medium-high heat. Add in the onion and red bell pepper. Sauté for around 2 minutes.
Now, add in the ground beef, break it apart with a spatula, and cook until it browns up, stirring throughout. It should take around 7-8 minutes. Drain the skillet of grease. Add some salt and black pepper to the skillet according to your tastes.
Now, add salsa, black beans, corn, tomatoes, green chiles, basmati rice, taco seasoning, chili powder, and chicken broth. Give the skillet a very good stir.
Cover the pan, reduce the heat, and simmer for 15 minutes until the rice has fully cooked.
Stir, salt, and pepper the skillet, then sprinkle with cheddar cheese. Cover the skillet with a lid and let it simmer for another 2-3 minutes until the cheese melts. Remove from heat.
Spoon the burrito into bowls, cover with avocado, green onion, tomato, and cilantro before serving.