Peel and dice the potatoes into 1/2-inch cubes, peel and slice the carrots into 1/4-inch rounds, remove the corn kernels from the cobs, dice the onion, and mince the garlic cloves. Having everything prepped and ready will keep the cooking process smooth and efficient since this skillet comes together quickly once you start.
Heat the olive oil in a large skillet over medium-high heat until shimmering. Add the ground beef and diced onion, breaking up the beef with a spoon as it cooks, until the meat is browned and the onions are softened (about 5-7 minutes). Drain off any excess fat from the pan, then stir in the minced garlic, tomato paste, and Worcestershire sauce. Cook for 1-2 minutes, stirring constantly, until the garlic is fragrant and the tomato paste has caramelized slightly—this develops deeper, richer flavors in the dish.
Stir in the diced potatoes, sliced carrots, corn kernels, and smoked paprika, coating everything with the beef mixture. Cook for 2-3 minutes to let the potatoes start absorbing the flavors. Pour in the beef broth and bring the mixture to a boil over medium-high heat, stirring occasionally. I find that starting with a boil helps the potatoes cook more evenly throughout.
Once the broth is boiling, reduce the heat to medium, cover the skillet, and simmer for 8-10 minutes until the potatoes are fork-tender. Remove the lid and continue cooking uncovered for another 2-3 minutes, stirring occasionally, until most of the liquid has evaporated and the bottom of the pan has a light glaze. Season with salt and black pepper to taste. The reduced liquid creates a flavorful, slightly thick sauce that coats everything beautifully.
Sprinkle the shredded cheddar cheese evenly over the entire skillet. If your skillet has an oven-safe handle, place it under the broiler for 2-3 minutes until the cheese is melted and slightly bubbly. If not, you can cover the skillet off heat for a minute or two to let the residual warmth melt the cheese. I prefer the broiler method because it gives the cheese a light golden color and slightly crispy edges.