Preheat your oven to 350°F (175°C) and prepare a 9x13 inch baking dish by lightly greasing it with butter or non-stick cooking spray.

In a large skillet over medium-high heat, brown the ground beef, breaking it apart with a wooden spoon as it cooks, until no pink remains, approximately 6-8 minutes. Drain excess fat and set aside.

In the same skillet, melt the butter and add the diced onion, red bell pepper, and green bell pepper. Sauté for 4-5 minutes until vegetables soften.

Add the uncooked rice to the skillet with the vegetables and stir to coat, cooking for 1-2 minutes to lightly toast the rice.

Pour in the beef broth and add the cream of mushroom soup, garlic powder, paprika, salt, and black pepper. Stir thoroughly to combine.

Return the cooked ground beef to the skillet and mix well to distribute evenly throughout the rice mixture.

Transfer the entire mixture to your prepared baking dish, spreading evenly. Cover tightly with aluminum foil.

Bake in preheated oven for 35-40 minutes, until rice is tender and has absorbed most of the liquid.

Remove foil and sprinkle shredded cheddar cheese evenly across the top.

Return uncovered to oven and bake for 8-10 minutes, until cheese is melted and begins to turn golden.

Remove from oven and let rest for 5 minutes before serving. Garnish with fresh chopped parsley.