In a medium skillet, heat the olive oil over medium-high heat until hot but not smoking. Add the onion, bell pepper, olives and garlic and cook until the vegetables are tender, about 5 minutes. Crumble in the ground beef, using a wooden spoon to break up any large clumps. Increase the heat and cook until the liquid is reduced.
Stir the tomato paste into the meat mixture and simmer over medium-low heat, stirring, for 2 minutes. Stir in 2 to 3 tablespoons water to loosen the sauce. Stir in the peas and carrots, cover and cook until just cooked through, 4 minutes. Stir in the cilantro; season with salt and pepper.