In a large skillet, heat the olive oil and butter over medium heat until melted.
Add the white rice to the skillet and toast it lightly for about 2-3 minutes, stirring frequently.
Pour in the vegetable or chicken broth and bring to a boil.
Reduce heat to low, cover the skillet with a lid, and let the rice simmer for 15 minutes.
After 15 minutes, add the drained corn, heavy cream, chili powder, cumin, paprika, salt, and pepper to the rice. Stir until everything is well combined.
Sprinkle the crumbled feta or cotija cheese over the top. Cover and cook for an additional 5-7 minutes, until the rice is tender and the cheese has melted.
Remove the skillet from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and garnish with chopped cilantro. Serve with lime wedges on the side.