Heat a large cast-iron pan or heavy-bottomed skillet over medium heat and add the olive oil.
Add the finely diced carrots and red pepper; sauté about 7–10 minutes, stirring occasionally, until the vegetables are softened.
Add the ground turkey to the pan and break it up with a spatula; cook until it begins to brown.
Sprinkle in the chili powder, cumin, paprika, onion powder, garlic powder, dried oregano, salt, and black pepper; continue cooking and crumbling the turkey until fully browned. Drain excess liquid if necessary.
Stir in the beef bouillon powder and pour in 1/4 to 1/2 cup chicken broth (or water) to deglaze and moisten the mixture.
Reduce heat to medium-low and simmer until the broth has mostly evaporated and the flavors meld, about a few minutes; taste and adjust seasoning if needed.
Serve over cooked rice or use as a filling for tortillas with your favorite toppings.