Heat oil in 12” skillet over medium-high heat. Add beef, onions and garlic. Cook, breaking up beef with wooden spoon, until beef is browned and vegetables are soft, about 5 minutes; drain and discard fat. Stir in tomato sauce and chili powder until combined, season with Adobo. Transfer beef to plate.
In same skillet, bring 2 cups water to boil. Stir in contents of yellow rice mix; boil 30 seconds. Reduce heat to medium low. Simmer, covered, until rice is tender and water is absorbed, about 25 minutes.
Remove skillet from heat; stir in reserved beef mixture. Sprinkle cheese on top of beef and rice. Let skillet sit, covered, until cheese is melted, about 5 minutes more. Serve warm.