Heat 2 tablespoons olive oil and 2 tablespoons butter in a large heavy-bottomed pot or Dutch oven over medium heat.
Add in the cubed chicken and season with 1/2 teaspoon salt and 1/2 teaspoon black pepper. Cook for about 5 minutes, stirring occasionally, until the chicken is lightly browned on the outside.
Add 1 cup diced yellow onion and cook for 3-5 minutes, stirring frequently, until the onions become translucent. Remove the chicken and onion mixture from the pot and set aside in a bowl.
In the same pot, add 2 cups long grain white rice and 1 tablespoon minced garlic. Cook for 2-3 minutes, stirring constantly, until the rice is lightly toasted.
Slowly pour in 4 cups chicken broth and 1 cup salsa. Stir in 1 teaspoon ground cumin, and 1 teaspoon chili powderuntil evenly combined.
Bring the mixture to a boil, then reduce the heat to medium-low. Cover the pot with a lid and cook for 15-20 minutes, or until the rice is tender and most of the liquid has been absorbed.
Turn off the heat and stir in 1 cup heavy cream and 2 cups of the shredded cheddar cheese. Add the chicken and onion mixture back into the pot, stirring to combine.
Sprinkle the remaining 1 cup of shredded cheddar cheese on top. Cover the pot with the lid for 2-3 minutes, allowing the cheese to melt. Serve hot.
Notes
If you’re short on time, shredded rotisserie chicken is a great substitute for the cubed chicken breasts. Simply skip the step of cooking the chicken in the pot. Add the shredded rotisserie chicken back into the dish along with the heavy cream and cheese during the final steps of the recipe. This not only saves time but also adds a boost of flavor from the seasoned rotisserie chicken! Use about 3 cups of shredded chicken for the best results.