Heat olive oil in a large deep skillet or pot over medium-high heat.
Add the ground beef and cook, breaking it apart with a spoon, until browned and no longer pink, about 5 minutes.
Add the chopped onion, green bell pepper, and minced garlic to the beef. Cook, stirring occasionally, until the vegetables are softened, about 4 minutes.
Stir in the rinsed rice and cook for 1 minute to lightly toast the rice.
Add beef broth, water, tomato sauce, ketchup, Worcestershire sauce, apple cider vinegar, brown sugar, chili powder, smoked paprika, salt, and black pepper. Stir well to combine all ingredients.
Bring the mixture to a boil, then reduce heat to low. Cover the pot with a tight-fitting lid and simmer for 18-20 minutes, or until the rice is tender and liquid is absorbed.
Remove the pot from heat and let it sit, covered, for 5 minutes.
Fluff the rice gently with a fork and serve hot.