Heat a large skillet over medium heat and add the olive oil. Add the diced onion and sauté until soft and translucent, about 3 minutes. Add the minced garlic and cook 30 seconds more.

Add the ground turkey, breaking it up with a spatula. Cook until no longer pink, about 5 to 6 minutes. Drain any excess liquid from the pan.

Sprinkle in smoked paprika, ground cumin, optional chili powder, salt, and black pepper. Stir to coat the turkey evenly. Add the sliced bell peppers and cook 3 to 4 minutes until they begin to soften but still have some bite.

Pour in the chicken broth, add the tomato paste, and soy sauce. Stir constantly until the tomato paste dissolves into the sauce. Let everything simmer 2 to 3 minutes so flavors meld.

Turn off the heat. Squeeze in fresh lime juice if using and garnish with chopped cilantro or parsley. Serve immediately.