In a large pot over medium heat, cook ground beef until fully browned. Drain excess grease and set aside.
In the same pot, add olive oil. Sauté onion and bell peppers for 4–5 minutes until softened. Add garlic and cook 30 seconds.
Stir in crushed tomatoes, diced tomatoes, and beef broth. Add Italian seasoning, paprika, salt, and pepper.
Return browned beef to the pot. Bring to a boil, then reduce heat and simmer 20–25 minutes.
Stir in cooked rice and simmer 5 more minutes. Adjust seasoning as needed.
Ladle into bowls and top with cheese or parsley if desired.