Add oil, butter and onions to a large skillet set over medium heat. Cook, stirring often, until onions have softened and are translucent. Add garlic and cook 30 seconds. Add can of tomatoes with juice, cumin, paprika and chili powder. Stir and cook 1 minute. Remove from heat.
When the rice is cooked, add the onion mixture, cheese, chipotle pepper (if using), cilantro and lime juice. Stir well and serve.