Heat the olive oil in a large pan over medium-high heat. Once hot, add the onion and peppers. Toss to evenly coat in the oil and season with a pinch of salt and pepper. Cook for 5-6 minutes, stirring every couple minutes, until the veggies start to soften and brown in spots. Transfer to a bowl and set aside.
Add the beef to the same pan and cook for 2-3 minutes on one side until nicely browned before breaking apart with a spatula and fully cooking.
Add the sauce to the cooked beef and stir to combine. Cook until the sauce begins to caramelize on the bottom, another 2-3 minutes.
Add the basil and veggies to the pan. Toss everything together and cook until the basil wilts, about 30-60 seconds.
Serve over rice.
Notes
I like serving with chopped roasted peanuts. It gives the dish a great crunchy texture and goes with the flavors really well. To elevate the peanuts, I like mixing them with rice vinegar or lime juice, sliced green onion or chopped cilantro, and chili flakes. Chili crisp and fresh sliced/diced peppers are also great additions.
To add more volume to your beef bowls, consider adding steamed cauliflower rice to the jasmine rice. A 50/50 blend of jasmine and cauliflower rice can add an extra cup of rice to each serving for an extra 25 calories.