In a high sided pan or Dutch oven, melt butter over medium heat. Add rinsed rice and toast until slightly golden.
Stir in tomato paste and lime juice to coat the rice.
Add vegetable broth, onion flakes, garlic powder, paprika, cumin, and optional salt and pepper. Stir well. Cover and bring to a boil.
Reduce heat to low and simmer, stirring occasionally.
When the rice starts to absorb most of the liquid, stir in the drained Rotel tomatoes. Cover again and continue simmering.
Once the rice is fully tender and the liquid absorbed, remove from heat. Stir in 1 cup of shredded cheese until melted and creamy.
Sprinkle remaining cheese on top, cover with lid, and let sit 2–3 minutes to melt. Serve warm.