Preheat the oven to 375°F (190°C).
Heat olive oil in a large skillet over medium heat.
Add diced onion and minced garlic to the skillet and sauté for 3-4 minutes until softened.
Add ground beef to the skillet and cook until browned, breaking it apart with a spatula, about 6-8 minutes. Drain excess fat if necessary.
Stir in diced carrots, diced bell pepper, and frozen peas. Cook for 3-4 minutes until vegetables begin to soften.
Add the uncooked rice to the skillet and stir to combine.
Pour in the beef broth and the can of diced tomatoes with their juice.
Season with dried oregano, dried basil, salt, and black pepper. Stir well.
Bring the mixture to a boil, then remove from heat.
Transfer the mixture into a 9×13 inch casserole dish and spread evenly.
Cover the casserole dish tightly with aluminum foil.
Bake in the preheated oven for 35 minutes.
Remove the foil and sprinkle shredded cheddar cheese evenly over the top.
Return the casserole to the oven uncovered and bake for an additional 10 minutes, or until the cheese is melted and bubbly.
Remove from oven and let the casserole rest for 5 minutes before serving.