Heat 1 tablespoon of olive oil in a large skillet over medium-high heat.
Add the ground beef to the skillet and cook, breaking it apart with a spatula, until browned and cooked through, about 6 to 8 minutes.
Remove the cooked ground beef from the skillet and set aside, draining excess fat if necessary.
Add the remaining 1 tablespoon of olive oil to the skillet.
Add the diced onion, green bell pepper, red bell pepper, and mushrooms to the skillet. Cook, stirring occasionally, until the vegetables are softened, about 5 minutes.
Add the minced garlic and diced zucchini to the skillet and cook for an additional 2 minutes.
Return the cooked ground beef to the skillet with the vegetables.
Sprinkle the smoked paprika, ground cumin, chili powder, dried oregano, salt, and black pepper over the mixture. Stir well to combine all ingredients evenly.
Cook for 3 to 5 more minutes, allowing the flavors to meld and the zucchini to become tender.
Remove the skillet from heat and stir in the chopped fresh cilantro.
If desired, sprinkle shredded cheddar cheese over the top and cover the skillet for 2 minutes to melt the cheese before serving.