Heat the olive oil in a large pot over medium heat. Add the ground beef and cook until browned, breaking it up with a spoon as it cooks. Drain excess fat if needed.
Add the chopped onion and minced garlic to the pot. Cook for 3 minutes until the onion softens.
Stir in the diced bell peppers and cook for 2 more minutes.
Sprinkle the Hungarian paprika over the mixture and stir for 30 seconds to toast the spice.
Pour in the diced tomatoes with their juice and the beef broth. Add salt and black pepper to taste.
Bring the stew to a boil, then lower the heat and simmer uncovered for 20 minutes, stirring now and then.
Taste and adjust seasoning before serving.