Prep meatballs according to recipe instructions.*
Add olive oil to large sauce pan over medium-high heat. Add the onion and red pepper and cook for 2-3 minutes in a large saucepan or until softened and fragrant. Add garlic and cook for another minute.
Next, add in spices, tomatoes, green chiles, corn, broth, and rice. Stir to combine. Turn the heat up to high to bring to a boil.
Once boiling, adjust heat to medium, add in the meatballs (if frozen) and allow to cook for 20-30 minutes or until meatballs have thawed and rice has fully cooked. If the meatballs aren't frozen, you can proceed with the previous step and add the meatballs to the pot during the last 5-10 minutes of cooking to warm through.
Adjust amount of broth depending on how thick you like your soup. Season with salt and pepper, to taste.
Serve warm topped with fresh parsley or cilantro and a sprinkle of cheese, if desired.