Heat the olive oil in a saucepan over medium heat. Add the rice and orzo, and stir to coat. Cook, stirring often, until the orzo turns golden brown, and the rice turns translucent.
Pour the broth in, bring to a boil, turn heat to low, and cover. Cook, covered, for 10 - 15 minutes or until most of the liquid is absorbed. Add the broccoli and cook for an additional 3 minutes.
Remove from the heat and add the butter, cheddar, salt, and pepper. Stir until well incorporated. Cover and let sit for 5 minutes. Serve and enjoy!