Heat the skillet over medium heat and add the olive oil.
Once the oil is hot, add the chopped onions and sauté for about 3-4 minutes until they become translucent.
Stir in the minced garlic and cook for another minute, being careful not to burn it.
Add the ground beef to the skillet. Use a wooden spoon or spatula to break it up and brown it evenly for about 5-7 minutes until fully cooked.
Drain any excess fat from the skillet if desired.
Sprinkle in the chili powder, cumin, paprika, salt, and black pepper. Stir to combine and cook for another minute to let the spices bloom.
Pour in the beef broth or water, and stir well. Simmer for an additional 2-3 minutes, allowing the mixture to absorb the flavors and the liquid to reduce slightly.
Taste and adjust seasoning if necessary.
Serve hot over your favorite dishes, or use in tacos, burritos, or as a salad topping.