Heat oil in a large cast iron skillet that has a tight-fitting lid over medium-high heat. Add the onion, bell pepper, and beef. Cook, stirring occasionally, until the meat is no longer pink, and the vegetables are tender, about 7-9 minutes. Drain off excess grease. Add tomato paste; cook and stir for 1 more minute. Add water, diced tomatoes with their juices, corn, chili powder, salt, sugar, Worcestershire sauce, garlic powder, and pepper. Bring to a boil.
Once the liquid boils, reduce the heat to low, stir in the rice, and cover. Cook for 18-20 minutes (or until the rice is tender), adjusting the heat as necessary to keep the mixture gently simmering.
Remove the lid; fluff rice with a fork. Much of the liquid should be absorbed at this point. If it’s too wet for your liking, just simmer uncovered for a couple more minutes.
Remove the skillet from the heat. Taste and season with additional salt and pepper, if desired. Sprinkle cheese on top, cover with the lid, and let the cheese melt for a minute or two. Garnish with chopped fresh parsley and serve!