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.
Add the diced onion and bell peppers to the pot. Cook for 4 to 5 minutes until the vegetables start to soften.
Stir in the minced garlic and cook for 1 minute until fragrant.
Add the rice, paprika, cumin, chili powder, oregano, salt, and black pepper. Stir everything together so the rice gets coated with the spices and beef drippings.
Pour in the tomato sauce and beef broth. Stir well, scraping the bottom of the pot to loosen any browned bits.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot and simmer for 20 minutes without stirring.
Remove the pot from the heat and let it sit covered for 5 minutes. Fluff the rice with a fork before serving.