01 - Heat olive oil and butter in a large oven-safe skillet over medium heat until the butter is melted and bubbling.
02 - Add diced potatoes to the skillet and cook for 10 minutes, stirring occasionally, until lightly golden.
03 - Stir in the chopped onion, bell pepper, and minced garlic; continue to cook for 8 to 10 minutes until vegetables are soft and potatoes are fork-tender.
04 - Sprinkle smoked paprika, dried thyme, salt, and freshly ground black pepper over the mixture. Stir thoroughly to blend flavors.
05 - Preheat the broiler to high.
06 - Remove skillet from heat. Evenly dollop sour cream across potatoes and scatter shredded cheddar cheese over top.
07 - Place the skillet under the broiler for 2 to 3 minutes until cheese is bubbling and golden brown.
08 - Remove skillet from oven; allow to cool for 5 minutes. Garnish with chopped fresh chives or parsley prior to serving.