Start by heating the olive oil in a large pot over medium heat. Toss in the chopped onion, bell peppers, and minced garlic. Sauté for about 3 minutes until the veggies begin to soften, then crumble in the ground beef.
Season with salt, pepper, and oregano. Let it all cook together for about 7–10 minutes until the beef is fully browned and the veggies are nice and tender.
Once the beef is cooked through, stir in the tomato paste. It’ll help create a thicker, richer sauce. Mix it well so it coats everything, then pour in the diced tomatoes (with juice) and water.
Stir again to combine everything. The mixture should start smelling amazing at this point!
Stir in the uncooked rice and bring the mixture to a gentle boil. As soon as it boils, reduce the heat to low, cover the pot, and let it simmer for 45 minutes. During this time, the rice will cook slowly and soak up all the delicious tomato and beef flavor.
Once the rice is tender, remove the pot from heat but keep it covered for another 5–10 minutes. This allows the flavors to settle and the rice to finish steaming.
Then, fluff it with a fork, sprinkle cheddar cheese over the top, and let it melt in the residual heat. Finish with a sprinkle of fresh parsley if you like. That’s it—grab a bowl and dig in!