Heat 2 tablespoons of olive oil in a large skillet over medium heat.
Add the diced onion and cook for 3-4 minutes until softened.
Add the minced garlic and cook for 1 minute until fragrant.
Add the ground beef to the skillet and cook, breaking it up with a spoon, until browned and cooked through, about 6-8 minutes.
Drain any excess fat from the skillet.
Add the diced green and red bell peppers to the skillet and cook for 4-5 minutes until slightly softened.
Stir in the diced tomatoes, tomato sauce, dried oregano, dried basil, ground black pepper, salt, and crushed red pepper flakes.
Reduce heat to low and simmer the mixture for 10 minutes, stirring occasionally.
While the beef mixture simmers, rinse the rice under cold water until water runs clear.
In a medium saucepan, bring 2 cups of water to a boil.
Add the rinsed rice to the boiling water, reduce heat to low, cover, and simmer for 15 minutes or until rice is tender and water is absorbed.
Fluff the cooked rice with a fork and divide it onto four plates.
Spoon the ground beef and vegetable mixture evenly over the rice.
If desired, sprinkle shredded cheddar cheese on top while the mixture is hot to melt slightly.
Garnish with chopped fresh parsley before serving.