Brown the Ground Beef: Heat olive oil in a 5-quart enameled cast iron Dutch oven or heavy soup pot over medium-high heat. Add the lean ground beef, breaking it apart with a wooden spoon. Cook for 5 to 6 minutes until browned and crumbly. If there is excess fat, drain leaving about 1 tablespoon in the pot for rich fond.

Sauté Aromatics & Peppers: Add the diced yellow onion and tri-color bell peppers to the pot with the beef. Cook over medium heat for 4 to 5 minutes, stirring frequently, until the onion turns translucent and the peppers soften slightly. Stir in the minced garlic, dried oregano, dried basil, smoked paprika, sea salt, and black pepper; cook for 1 minute until fragrant.

Simmer the Rich Tomato Broth: Pour in the fire-roasted diced tomatoes with their juices, tomato sauce, and beef bone broth. Stir well, scraping up any caramelized browned bits from the bottom of the pot. Bring to a rolling boil over high heat, then immediately lower heat to medium-low. Cover partially with the lid slightly askew and simmer gently for 15 minutes.

Fold in the Rice & Season: Stir in the cooked long-grain white rice and simmer uncovered for 3 to 4 minutes until thoroughly warmed through. Taste the broth and adjust salt and freshly cracked black pepper as needed.

Garnish & Serve: Ladle the steaming soup into rustic ceramic bowls. Sprinkle each serving with shredded sharp cheddar cheese and fresh chopped parsley. Serve immediately with warm crusty bread on the side.