Preheat the oven to 375°F (190°C).
In a large skillet, heat olive oil over medium heat. Add diced onion and minced garlic; sauté for 3-4 minutes until softened.
Add ground beef to the skillet and cook until browned, breaking it apart with a spoon, about 6-8 minutes. Drain excess fat if necessary.
Stir in diced carrots, frozen peas, frozen corn, dried oregano, dried basil, salt, and black pepper. Cook for 3 minutes to combine flavors.
Add the uncooked rice to the skillet and stir to coat with the beef and vegetable mixture.
Pour in the beef broth and drained diced tomatoes. Stir well and bring to a simmer.
Transfer the mixture to a 9×13 inch casserole dish and spread evenly.
Cover the casserole dish tightly with aluminum foil and bake in the preheated oven for 35 minutes.
Remove the foil and sprinkle shredded cheddar cheese evenly over the top of the casserole.
Return the casserole to the oven uncovered and bake for an additional 10 minutes, or until the cheese is melted and bubbly.
Remove from the oven and let the casserole rest for 5 minutes before serving.