In a big saucepan, warm up the olive oil over medium-high heat. Add bell peppers and onion. Saute until softened and transparent, stirring regularly, for 5 minutes.
Stir continuously for 30 seconds after adding the garlic.
Stir in the ground beef, paprika, dried oregano, chili powder, salt, powdered cumin, black pepper, and onion and garlic powders.
The meat may be broken up into smaller pieces with a wooden spoon. Cook for 6 to 8 minutes, stirring periodically, or until the meat is browned.
Add the uncooked rice, tomato sauce, broth, and diced tomatoes. Bring to a boil while stirring.
For 20 minutes, simmer, covered, and on low heat.
After turning off the heat, serve in bowls. Add chopped cilantro as a garnish.