Heat olive oil in a deep 12-inch skillet over medium heat. Cook ground beef, onion, and garlic until beef is cooked through and crumbled. Drain excess grease and stir in tomato paste.
Add peppers, tomatoes, rice, broth, Worcestershire sauce, parsley, Italian seasoning, smoked paprika, salt, and pepper. Stir and bring to a boil.
Reduce heat, cover, and simmer for 15–18 minutes until rice is tender.
Fluff rice, add cheese, cover, and cook over low heat until melted. Garnish with remaining parsley and serve.