Heat a large pot over medium heat, add the olive oil and saute the onions until translucent, about 5 mins. Add the garlic, ground beef, and ground pork. Cook, crumbling the ground meats, until fully cooked. Drain the excess fat.
Add the diced bell peppers, dried oregano and basil, and pour in the beef broth, tomato sauce, and diced tomatoes. Stir, bring to a boil, reduce the heat, and simmer for 20-25 mins, covered.
Mix in cooked rice and season with salt and pepper to taste.