Prep your ingredients. Dice the onion and bell peppers.
Mince the garlic and jalapeño. Cube the cream cheese so it melts evenly.
Brown the meat. Heat oil in a large pot over medium-high. Add the ground beef and break it up with a spatula.
Cook until browned, about 5–7 minutes. Season with a little salt and pepper.
Sauté the aromatics. Add onion, bell peppers, and jalapeño. Cook 4–5 minutes until softened.
Stir in the garlic and cook 30 seconds until fragrant.
Add seasonings. Sprinkle in chili powder, cumin, smoked paprika, and ranch seasoning. Stir to coat the meat and veggies for 30–60 seconds to bloom the spices.
Build the base. Stir in tomato paste, then add diced tomatoes and beef broth. Bring to a boil, then reduce to a gentle simmer.
Simmer to develop flavor. Let it cook uncovered for 15–20 minutes, stirring occasionally.
If using zucchini or riced cauliflower, add in the last 10 minutes.
Make it creamy. Lower the heat to medium-low. Stir in cream cheese until fully melted and smooth. Add the heavy cream and simmer 3–5 minutes more.
Adjust salt and pepper.
Serve with toppings. Ladle into bowls and finish with shredded cheddar, green onions, cilantro, sour cream, or avocado. Enjoy warm.