In a large pot, over medium heat, heat up the oil and add diced onion, tomato and peppers. Saute for a few minutes, until fragrant and onion starts to be transparent.
Add the ground beef and mix well. Cover and cook, stirring occasionally, until the beef is mostly cooked.
Add the beef broth and tomato paste. Stir well until all the tomato paste is incorporated.
Add basil, oregano, salt and pepper. Taste to make sure you have enough salt.
Cook for about 15 minutes, covered.
Add rice and lower the heat to low. Cover and wait until the rice is done.