Rinse jasmine rice with water until water is clear. Drain.
In a large sauce pot add vegetable oil and bring to medium-high heat.
Add ground beef, salt, black pepper, garlic powder, smoked paprika, and cayenne pepper to pot and sauté for 5 minutes, until nicely browned.
Using a slotted spoon, remove browned beef and set aside.
Add butter to pot, then add vegetables. Sauté for 2 minutes until lightly caramelized.
Add sofrito and jasmine rice to pot and sauté for 1 minute. Add cooked ground beef and chicken stock to pot and bring to a boil. Once the mixture boils, reduce heat to simmer for 10 minutes. Turn off heat and leave lid on pot for 5 more minutes. Fluff rice with fork and season to taste with salt and pepper, if needed.