Heat olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the ground beef and cook, breaking it up with a spoon, until browned and no longer pink, about 5-7 minutes.
Drain excess fat if necessary, then add the chopped onion, green bell pepper, and minced garlic to the beef. Cook for 3-4 minutes until vegetables soften.
Stir in the rinsed rice and cook for 1-2 minutes, coating the rice in the beef and vegetable mixture.
Add beef broth, water, tomato sauce, ketchup, Worcestershire sauce, apple cider vinegar, brown sugar, chili powder, smoked paprika, salt, and black pepper. Stir well to combine.
Bring the mixture to a boil, then reduce heat to low and cover with a tight-fitting lid.
Simmer for 18-20 minutes, or until the rice is tender and liquid is absorbed. Avoid lifting the lid during cooking.
Remove from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and serve warm.