Heat the olive oil in a large skillet over medium heat.
Add the finely chopped onion and sauté for about 3-4 minutes until the onion is translucent.
Stir in the minced garlic and cook for an additional minute until fragrant.
Increase the heat to medium-high and add the ground beef to the skillet. Break it apart using a spatula and cook until browned, about 5-7 minutes.
Drain any excess fat from the skillet, if necessary.
Sprinkle the chili powder, ground cumin, paprika, dried oregano, salt, and black pepper over the beef. Mix well to coat.
Pour in the beef broth (or water) and stir. Allow to simmer for 3-5 minutes, or until the liquid has reduced slightly and the mixture is well combined.
Taste and adjust seasoning if necessary.
Remove from heat and serve warm. Garnish with fresh cilantro and lime if desired.