Heat olive oil in a large skillet over medium-high heat. Add diced onion and cook for 3-4 minutes, stirring occasionally, until softened and fragrant. Add minced garlic and cook for another minute until the aroma fills your kitchen.
Add ground beef to the skillet and break it apart with a wooden spoon. Cook for 5-7 minutes, stirring frequently, until the beef is browned and cooked through. Drain excess fat if needed before proceeding to the next step.
Stir in the long grain rice, coating each grain with oil and beef drippings. Toast the rice for 2 minutes, which adds nutty flavor and prevents mushiness during the cooking process. This step transforms ordinary rice into something extraordinary.
Pour in beef broth and add the can of diced tomatoes with its juices. Add thyme, oregano, bay leaf, salt, and pepper, stirring everything together thoroughly. Bring to a boil, then reduce heat to low and cover with a lid for your cozy beef and rice skillet recipe.
Simmer covered for 18-20 minutes, until the rice is nearly tender and most liquid is absorbed. Stir in frozen peas and carrots, then cover again and cook for 5 more minutes until vegetables are heated through and rice reaches perfect tenderness.
Remove from heat and let rest, covered, for 3 minutes. Remove the bay leaf, fluff with a fork, and garnish generously with fresh parsley before serving.