Heat the olive oil in a large deep skillet or pot over medium-high heat.
Add the ground beef and cook, breaking it apart with a spoon, until browned and no longer pink, about 5-7 minutes.
Add the chopped onion and minced garlic to the beef and cook until the onion is softened, about 3 minutes.
Stir in the rinsed rice and cook for 1-2 minutes to lightly toast the rice.
Add the beef broth, water, ketchup, tomato paste, Worcestershire sauce, apple cider vinegar, chili powder, smoked paprika, salt, and black pepper. Stir well to combine all ingredients.
Bring the mixture to a boil, then reduce heat to low and cover the pot with a tight-fitting lid.
Simmer for 18-20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the pot from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and stir to combine before serving.