In a large skillet, heat olive oil over medium heat. Add the diced onion and cook until softened, about 3-4 minutes.
Add the ground beef to the skillet, breaking it apart with a spoon. Cook until browned, about 5-7 minutes.
Stir in the sliced red and green bell peppers and minced garlic. Cook for another 3-4 minutes until the peppers are tender.
Season the mixture with cumin, chili powder, salt, and black pepper. Stir well to combine.
Pour in the beef broth and bring the mixture to a simmer. Let it cook for about 5 minutes to allow the flavors to meld.
Serve the beef and pepper mixture over cooked rice. Garnish with chopped cilantro and lime wedges if desired.
