Heat olive oil in a large soup pot over medium heat.
Add ground beef and cook until browned, breaking it apart with a spoon.
Drain excess grease if necessary.
Add diced onion and cook for 3–4 minutes until softened.
Stir in garlic and cook for 30 seconds until fragrant.
Add diced bell peppers and cook for 4–5 minutes until slightly tender.
Stir in diced tomatoes and tomato sauce.
Pour in beef broth and stir to combine.
Add cooked rice, paprika, Italian seasoning, black pepper, salt, red pepper flakes, and bay leaf.
Bring the soup to a gentle boil.
Reduce heat to low, cover, and simmer for 25–30 minutes.
Remove bay leaf and adjust seasoning to taste.
Garnish with fresh herbs before serving.