Heat the olive oil in a large skillet over medium heat. Add the ground beef and cook until browned, breaking it apart with a spoon, about 5-7 minutes. Drain excess fat if necessary.

Add the diced onion and garlic to the skillet, cooking until the onion is translucent, about 3-4 minutes.

Stir in the diced potatoes and bell pepper. Cook for another 5 minutes, stirring occasionally.

Add the black beans, diced tomatoes (with juices), chili powder, cumin, paprika, salt, and pepper. Mix well and bring to a simmer.

Cover the skillet and cook for 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.

Garnish with fresh cilantro if desired and serve with sour cream on the side.