Cook the rice according to the package instructions and set aside.
Heat olive oil in a large skillet over medium heat. Add the sliced smoked sausage and cook until browned on both sides, about 3-4 minutes per side. Remove and set aside.
Sauté the vegetables by adding the bell peppers, onion, and garlic to the skillet. Cook for 3-4 minutes until softened.
Season the skillet with salt, black pepper, paprika, and cayenne. Stir well to evenly coat the vegetables.
Mix in tomato paste and 1 cup of chicken broth, stirring until well combined. Let simmer for 2-3 minutes to allow the sauce to thicken.
Return the sausage to the skillet, add the cooked rice, and pour in the remaining 1/4 cup of chicken broth. Stir everything together until well coated in the sauce.
Simmer for 2-3 minutes, letting the flavors meld. Remove from heat and sprinkle with fresh parsley before serving.