In a very large, deep skillet, over medium heat, add the diced onion and water. Allow these to cook for at least 5 minutes until onion becomes translucent.
Add the ground beef and break it up with a wooden spoon. Cook until no longer pink, about 8 minutes.
Add the diced bell peppers and garlic. Stir well. Cook for about 5 minutes.
Add 2 cans of tomatoes, 1 can of drained beans, rice, and chicken broth. Stir well, being careful not to spill.
Bring the mixture to a boil, then lower to a simmer. Simmer covered for 20 minutes, until the rice is cooked.
Sprinkle cheese on top. Cover with a lid and cook for 5 minutes until the cheese is melted.