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Lex: How'd you come up with this.
Lana: Clark told me you liked to challenge people.
Lex: Well, you've definitely risen to the challenge.
Managed to defeat the challenge?
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MadhulkLex: How'd you come up with this.

Lana: Clark told me you liked to challenge people.

Lex: Well, you've definitely risen to the challenge.

Managed to defeat the challenge?

It is normally used to refer to the person who accepted the challenge and acted on it....not necesarily to defeat it. This context seems a bit odd, but more context will tell if it is correctly used or not.
Comments  
Lana: This time, I came prepared.

Lex: What's this?

Lana: My business proposal. Small towns across the country have revived their old downtowns, returning them to the social centers they once were. They didn't do this by building cookie-cutter malls or parking garages. They did it by restoring the great old buildings that were already there, turning them into cafes, bookstores, restaurants.

Lex: You want to turn the Talon into a cafe-bookstore?

Lana: It could also be a venue for local bands and art-house movies. If you look on page 12, I found out you can register the building as an historic landmark, which gives you certain tax benefits. Just don't ask me to explain them.

Lex: Who's gonna manage it?

Lana: Nell said she'd be interested and I can train with her after school, try running it myself in the summers.

Lex: How'd you come up with this?

Lana: It was something Clark said. He told me you like to challenge people.

Lex: Well, you've definitely risen to the challenge.

Lana: So it's a deal?

Lex: I need to look over everything, but yeah. It's a deal.

Lana: Really?

Lex: Really. I think this could be the start of a very interesting partnership.