Heat olive oil in a large skillet over medium-high heat.
Add diced onion and cook for 3 minutes until softened.
Add minced garlic and cook for 1 minute until fragrant.
Add ground beef to the skillet and cook, breaking it apart with a spoon, until browned and no longer pink, about 6-8 minutes.
Drain excess fat from the skillet if necessary.
Stir in diced green and red bell peppers and cook for 3 minutes until slightly softened.
Add uncooked rice, beef broth, diced tomatoes with their juice, dried oregano, ground cumin, smoked paprika, salt, and black pepper to the skillet. Stir well to combine.
Bring the mixture to a boil, then reduce heat to low and cover the skillet with a lid.
Simmer for 15-18 minutes, or until the rice is tender and liquid is absorbed.
Remove from heat and let it sit covered for 5 minutes.
Fluff the rice mixture with a fork and stir in chopped fresh parsley.
Serve warm.