In a large bowl, combine ground beef, bacon (if using), breadcrumbs, egg, onion, sweet pepper, salt, black pepper, thyme, and paprika. Mix gently until just combined.

Shape the mixture into medium meatballs, about the size of a golf ball. Wet your hands slightly if the mixture sticks.

Heat oil or butter in a skillet over medium heat. Add the meatballs and brown them gently on all sides. Do not turn too soon.

Once browned, drain excess grease from the pan if needed.

Stir in tomato paste and add water or broth. Lower heat, cover, and let the meatballs simmer gently for 20–25 minutes.

Stir in the flour slurry and simmer uncovered for 3–5 minutes until the gravy thickens.

Taste and adjust seasoning if needed. Serve hot over white rice.