Heat olive oil in a large skillet over medium heat.
Add the diced onion and cook until softened, about 3 minutes.
Add the minced garlic and cook for 1 minute until fragrant.
Add the ground beef to the skillet and cook, breaking it apart with a spoon, until browned and no longer pink, about 6-8 minutes.
Drain excess fat from the skillet if necessary.
Stir in the rinsed rice, ground cumin, paprika, salt, and black pepper, mixing well to combine with the beef and onions.
Add the beef broth and diced tomatoes to the skillet and bring to a boil.
Reduce heat to low, cover the skillet, and simmer for 15 minutes.
Add the frozen peas and carrots, stir gently, cover again, and cook for an additional 5-7 minutes until the rice is tender and the liquid is absorbed.
Remove from heat and let the skillet sit covered for 5 minutes before serving.