Heat olive oil in a deep large skillet over medium heat. Add diced onion, sautéing until softened, about 3 minutes.
Add ground beef or meat of choice to the skillet, breaking it apart as it cooks. Cook until browned and no pink remains.
Stir in nutritional yeast, Italian seasoning, smoked paprika, garlic powder, onion powder, kosher salt, black pepper, tomato paste, and Worcestershire sauce. Pour in the diced tomatoes with their juices, and the chopped bell peppers, stirring to combine.
Add the dry rice and broth. Mix well to combine then bring to a boil over medium-high heat then reduce the heat to a simmer, cover, and let cook until the rice is tender, 15-20 minutes, stirring occasionally.
If there’s still liquid in the pan, remove the lid to let it cook off for another minute or two, stirring occasionally.
Sprinkle the shredded cheese over the top (if using), cover, and cook over low heat until the cheese melts. Garnish with fresh basil or parsley. Enjoy!