Preheat oven to 350°F.
Heat olive oil in a large skillet over medium-high heat. Add onions, bell peppers and jalapenos and cook for 5 minutes, until vegetables are softened.
Add white rice, diced tomatoes, chicken broth, chili powder, garlic powder, salt and pepper. Bring to a boil, then reduce heat to low and simmer for 15 minutes, or until rice is cooked.
Transfer to a 9x13 inch baking dish. Top with shredded cheese and cilantro.
Bake for 20 minutes, until cheese is melted and bubbly.
Serve hot. Enjoy!