In a large deep skillet over medium-high heat, brown the ground beef until fully cooked, breaking it into crumbles with a spatula. Drain excess fat from the pan.
Add the diced onion and chopped bell peppers to the skillet with the beef. Sauté for 5 to 6 minutes until the vegetables begin to soften.
Stir in the minced garlic, dried oregano, and smoked paprika. Cook for 1 minute until fragrant.
Add the uncooked rice, tomato sauce, and beef broth. Stir well to ensure the rice is submerged.
Bring the mixture to a simmer, then reduce heat to low. Cover the skillet with a tight-fitting lid.
Simmer for 18 to 20 minutes, or until the rice is tender and the majority of the liquid has been absorbed.
Remove the lid and sprinkle the shredded cheddar cheese evenly over the surface.
Recover the skillet for 2 minutes or until the cheese is completely melted and bubbling.
Garnish with chopped fresh parsley and serve directly from the skillet.