Heat the olive oil in a large skillet over medium heat. Add the diced onion and bell pepper, and sauté for about 3-4 minutes until softened.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the ground beef to the skillet, breaking it apart with a spatula. Cook until browned, about 5-7 minutes. Drain any excess fat.
Stir in the paprika, cumin, salt, and pepper, mixing well to combine.
Add the uncooked rice to the skillet and stir to coat the rice with the beef mixture.
Pour in the beef broth and stir. Bring to a boil, then reduce the heat to low.
Cover the skillet with a lid and let it simmer for 15 minutes or until the rice is cooked and has absorbed the liquid.
If using, stir in the frozen peas and cook for an additional 2-3 minutes until heated through.
Fluff the rice with a fork and garnish with fresh parsley if desired. Serve hot.