Add milk, rice, sugar, and cinnamon (stick and powdered) to a large saucepan or pot.
Mix to combine and bring the mixture to a boil.
Reduce heat to low and keep cooking for about 20 minutes while stirring regularly (read notes).
Once the rice is cooked through and creamy, adjust the consistency by adding a little more milk if you want.
Turn off the heat. Mix in the condensed milk, vanilla extract, and lime zest.
Serve in cups with a sprinkle of cinnamon powder.
Notes
You can use Mexican rice, Basmati, Jasmine, or any other long or medium grain white rice will work too (like arborio, carnaroli, or roma).
If you’re cooking this dessert on the stove, don’t leave it unattended for so long as the milk and starch in the rice make it too easy to burn.
The texture is really up to you. If you like Mexican arroz con leche a little liquid, you can add more milk at the end, about 2 minutes before turning off the heat. If, on the other hand, you want it to have a more pudding texture, you can cook it a little more.