Boil a large pot of salted water and cook the elbow macaroni until al dente, about 7-9 minutes. Drain and set aside.
In a large skillet, heat olive oil over medium-high heat. Add the ribeye steak and cook for 3-4 minutes until browned. Remove and set aside.
In the same skillet, sauté the onion and bell pepper for 5 minutes. Add minced garlic and cook for 1 minute. Sprinkle flour, whisk in milk, and cook until thickened, about 3-5 minutes. Season with salt, black pepper, paprika, and cayenne pepper.
Combine the cooked macaroni, sautéed steak, and shredded cheeses in the skillet. Mix until cheeses melt and everything is well combined.
Transfer to a greased 9x13 inch baking dish, sprinkle Parmesan cheese on top, and bake at 350°F for 20-25 minutes until bubbly and golden.