Heat 1 tbsp olive oil in a large skillet over medium-high heat. Pat your beef strips dry with paper towels—this matters for browning. Sear the beef for 4-5 minutes until it's golden brown on both sides, then remove it to a plate.
Add the remaining 1 tbsp oil to the same skillet. Toss in your diced onion and cook for 2 minutes until it starts softening. Add the minced garlic and cook for another 30 seconds—you'll smell when it's ready.
Stir in the cumin and paprika. Let these spices toast for about 20 seconds. This step is what makes everything taste way better than if you just dump them in dry.
Add the rice to the pan and stir everything together for 1 minute. You're coating the rice grains with oil and spice, which keeps them from sticking together later.
Pour in the chicken broth and add the diced tomatoes. Stir it all together and bring it to a simmer. Scrape up any brown bits stuck to the bottom of the pan—that's pure flavor.
Add the sliced bell pepper, carrots, salt, and black pepper. Return the beef to the pan and stir everything together. Reduce heat to medium-low and let it simmer for 18 minutes without stirring.
After 18 minutes, stir in the frozen peas. Cook for 2 more minutes until the peas are heated through and the rice is tender. If the liquid's all absorbed and the rice looks done, you're perfect. If it's still wet, give it another minute or two.
Let it sit for 2 minutes off the heat before serving. This gives the rice time to firm up and makes it easier to scoop onto plates.