Heat olive oil in a large skillet over medium heat.
Add diced onion and cook for 3 minutes until softened.
Add minced garlic and cook for 1 minute until fragrant.
Add ground beef to the skillet and cook, breaking it apart with a spoon, until browned and cooked through, about 6-8 minutes.
Drain excess fat from the skillet if necessary.
Add diced red bell pepper and sliced mushrooms to the skillet. Cook for 4-5 minutes until vegetables are tender.
Stir in ground cumin, smoked paprika, chili powder, salt, and black pepper. Cook for 1 minute to toast the spices.
Add drained diced tomatoes and beef broth to the skillet. Stir to combine.
Reduce heat to low and simmer for 5 minutes to allow flavors to meld.
Stir in cooked white rice and cook for an additional 2 minutes until heated through.
Remove from heat and sprinkle chopped fresh cilantro on top before serving.