In a large skillet or Dutch oven, heat the olive oil over medium-high heat. Add the diced onion and bell pepper, cooking until softened, about 5 minutes.
Stir in the minced garlic and cook for an additional minute until fragrant.
Add the cubed flank steak to the skillet, browning on all sides for about 5-7 minutes.
Sprinkle in the chili powder, cumin, paprika, salt, and black pepper, stirring to coat the meat evenly.
Pour in the diced tomatoes with their juice and the beef broth. Bring to a simmer, then reduce the heat to low.
Cover and let it cook for 1 to 1.5 hours, stirring occasionally, until the meat is tender.
Stir in the lime juice just before serving.
Garnish with fresh cilantro and serve hot.