Heat a large skillet over medium-high heat. Add 1 lb ground beef and 1/2 cup diced yellow onions. Cook until the beef is browned, about 5-7 minutes. Drain excess grease.
Stir in 2 cups cubed potatoes, 1 diced red bell pepper, 2 tbsp taco seasoning, and 1/2 cup beef broth. Bring to a simmer, cover, and reduce heat to medium-low. Cook for 15 minutes or until potatoes are fork-tender.
Remove the lid, sprinkle 1 cup shredded cheddar cheese evenly over the top, and cover again for 2-3 minutes until the cheese is melted. Garnish with 1/4 cup fresh cilantro before serving.