Heat olive oil in a large skillet over medium heat. Add the diced onions and cook until soft and translucent, about 3 minutes. Stir in the minced garlic and cook for another 30 seconds, until fragrant.
Add the ground turkey to the skillet. Use a wooden spoon to break it up into small pieces. Cook until no longer pink, about 5-6 minutes.
Sprinkle in the smoked paprika, cumin, chili powder, salt, and black pepper. Stir to coat the turkey evenly with the seasonings.
Add the sliced bell peppers and stir everything together. Let the peppers cook for 3-4 minutes, just until they start to soften but still retain some crunch.
Pour in the chicken broth, tomato paste, and soy sauce. Stir everything together and let the mixture simmer for 2-3 minutes, allowing the flavors to meld.
Turn off the heat and squeeze in the fresh lime juice for an extra burst of flavor. Garnish with chopped cilantro or parsley.
Serve immediately, either on its own or with your favorite side.