
Heat the olive oil in a large pot over medium heat. Add the ground beef, green peppers, onions, garlic, oregano, salt and pepper. Cook until beef is browned, about 7-10 minutes.
Add the tomato paste and saute until well combined and fragrant, about 2-3 minutes. Add the rice, diced tomatoes and water and stir to combine. Bring mixture to a boil, then reduce heat to low, cover and simmer for 20 minutes.
Remove from heat but keep covered for an additional 5-10 minutes. Fluff the rice with a fork to separate.
Serve in bowls garnished with shredded cheddar cheese and parsley.