Heat the oil in a 10-inch skillet over medium-high heat. Add the chicken and cook for 10 minutes or until it's well browned on both sides. Remove the chicken from the skillet.
Stir the soup, water and chili powder in the skillet and heat to a boil.
Stir in the rice. Place the chicken on the rice mixture. Sprinkle the chicken with additional chili powder and the cheese. Reduce the heat to low. Cover and cook for 5 minutes or until the chicken is cooked through and the rice is tender. Stir the rice mixture before serving.
Easy Substitution: Try Mexican-blend shredded cheese instead of the Cheddar, if you like.