Prep all ingredients by slicing the onion and bell peppers, and mincing the garlic.
In a large skillet, heat olive oil over medium heat. Add ground beef and cook until browned, about 5-7 minutes. Drain excess fat.
Add sliced onion, green bell pepper, red bell pepper, and minced garlic to the skillet. Season with salt, black pepper, and smoked paprika. Sauté for about 5-7 minutes until vegetables are tender.
In a separate bowl, mix heavy cream and softened cream cheese until smooth. Pour over the beef and vegetable mixture in the skillet and stir until well combined.
Transfer the mixture to a greased 9x13-inch baking dish. Top with shredded provolone and mozzarella cheese. Bake in a preheated oven at 350°F for 25-30 minutes until cheese is bubbly and golden brown. Let cool for 5 minutes before serving.