Place a large skillet over medium-high heat. Add a small drizzle of oil if using extra-lean beef. Toss in the diced onion and bell peppers. Sauté for 3 to 4 minutes until the vegetables soften and the onions become translucent.

Add the minced garlic during the last minute of cooking to prevent it from burning.

Add the ground beef to the skillet with the vegetables. Use a wooden spoon or spatula to break the meat into small crumbles. Cook until the beef is fully browned and no pink remains.

Carefully drain any excess grease from the pan to keep the dish light and prevent it from becoming soggy.

Stir in the taco seasoning, black beans, corn, and the diced tomatoes with green chilies. Pour in the water or beef broth. Stir everything together until well combined.

Reduce the heat to medium-low and let the mixture simmer for 5 to 7 minutes to allow the flavors to meld and the liquid to reduce into a thick, savory sauce.

Spread the shredded cheese evenly over the top of the beef mixture. Cover the skillet with a lid for 1 to 2 minutes until the cheese is completely melted and bubbly.

Remove the lid and sprinkle fresh cilantro over the top. Serve immediately with lime wedges on the side.