Heat olive oil in a large skillet over medium-high heat.
Add ground beef to the skillet and season with salt and black pepper. Cook, breaking up the meat with a spoon, until browned and cooked through, about 6-8 minutes.
Remove the cooked beef from the skillet and set aside, leaving the drippings in the pan.
Reduce heat to medium and add the butter to the skillet. Once melted, add the minced garlic and chopped onion. Sauté until the onion is translucent and garlic is fragrant, about 3-4 minutes.
Add the rinsed rice to the skillet and stir to coat the rice with the garlic butter mixture. Cook for 1-2 minutes to lightly toast the rice.
Pour in the beef broth, then add the smoked paprika and dried thyme. Stir to combine.
Return the cooked ground beef to the skillet and stir to distribute evenly.
Bring the mixture to a boil, then reduce heat to low. Cover the skillet with a tight-fitting lid and simmer for 15-18 minutes, or until the rice is tender and the liquid is absorbed.
Remove the skillet from heat and let it stand, covered, for 5 minutes.
Fluff the rice with a fork and stir in the chopped fresh parsley before serving.