In a large skillet, heat the olive oil over medium heat. Add the chopped onion and bell pepper, cooking until softened, about 3-4 minutes.
Add the minced garlic and cook for an additional 1 minute, stirring frequently.
Increase the heat to medium-high and add the ground beef to the skillet. Cook until browned, breaking it apart with a spatula, about 5-7 minutes. Drain any excess fat.
Stir in the diced potatoes, chili powder, cumin, paprika, salt, and pepper. Mix well to coat the potatoes with the spices.
Add the drained diced tomatoes to the skillet and stir to combine. Cover the skillet and reduce the heat to medium-low. Cook for about 15-20 minutes, or until the potatoes are tender, stirring occasionally.
Once the potatoes are cooked, sprinkle the shredded cheddar cheese on top. Cover the skillet again and let it sit for 2-3 minutes until the cheese is melted.
Remove from heat and garnish with fresh cilantro before serving.