In a large skillet, heat the olive oil over medium heat. Add the ground beef and cook until browned, breaking it apart with a spatula, about 5-7 minutes. Drain excess fat if necessary.
Add the diced onion and minced garlic to the skillet. Sauté for about 3-4 minutes until the onion is translucent.
Stir in the diced potatoes, beef broth, heavy cream, thyme, paprika, salt, and pepper. Bring to a simmer, then cover and reduce heat to low. Cook for 15-20 minutes, or until the potatoes are tender, stirring occasionally.
Once the potatoes are cooked, stir in the frozen peas and cook for an additional 5 minutes.
Remove from heat and sprinkle the shredded cheddar cheese on top. Cover the skillet for a few minutes until the cheese melts.
Serve hot and enjoy!