Preheat your oven to 350°F (175°C).
Heat the olive oil in a large skillet over medium-high heat.
Add the diced onion, red bell pepper, and green bell pepper, cooking until they soften, about 5 minutes.
Add the minced garlic and cook for another minute until fragrant.
Introduce the ground beef to the skillet. Cook until browned, breaking up any lumps.
Stir in the tomato sauce, beef stock, diced tomatoes, Worcestershire sauce, smoked paprika, and Italian seasoning. Season with salt and pepper to taste.
Add the long grain white rice and mix well. Bring to a boil, then remove from heat.
Cover the skillet and place it in the oven. Bake for 40 minutes.
After 40 minutes, remove the lid or foil and sprinkle the cheeses on top. Bake for an additional 5 minutes until melted and bubbly.
Remove from the oven and garnish with freshly chopped parsley if desired. Serve and enjoy!