Heat the skillet over medium-high heat. Add the ground beef and cook until browned, breaking it up with a spoon. Drain excess fat if necessary.
Add diced onion and garlic to the skillet; sauté until softened and fragrant, about 3 minutes.
Stir in the diced bell peppers and cook for another 3-4 minutes until slightly tender.
Add the uncooked rice, diced tomatoes (with juice), beef broth, Italian seasoning, smoked paprika, salt, and pepper. Stir to combine everything evenly.
Bring the mixture to a boil, then reduce heat to low. Cover the skillet with a lid and simmer for 18-20 minutes until the rice is tender and has absorbed most of the liquid.
Remove from heat and sprinkle shredded cheddar cheese on top, if using. Cover and let the cheese melt for a few minutes.
Garnish with fresh parsley or basil before serving.