In a large skillet, over medium-high heat, heat the vegetable oil and brown the chicken pieces. Add the onion, green and yellow bell peppers until the onion is translucent. Add the taco seasoning and minced garlic, and cook for a minute more. Mix in the diced tomatoes with green chiles and black beans.

Pour in the water and add the rice. Mix everything well, adjust the seasoning with salt and pepper and bring to a boil. Reduce the heat to low and put the lid on. Cook for 7 to 10 minutes until the rice is cooked. Mix ½ cup of cheddar into the cooked rice and use the other ½ cup for topping. Serve with your favorite burrito ad-on.