Cook the bowtie pasta according to package instructions. Drain and set aside.
In a large skillet, heat olive oil over medium heat. Add the diced onion and minced garlic, cooking until the onion is softened.
Add the ground beef to the skillet, breaking it apart with a spatula. Cook until browned and fully cooked through.
Pour in the beef broth and stir to combine. Let it simmer for a few minutes.
Reduce the heat and add the heavy cream to the skillet. Stir to combine, then add the cheddar cheese and Parmesan cheese. Stir until the cheese is melted and the sauce is smooth.
Season with paprika, salt, and pepper to taste.
Add the cooked pasta to the skillet, stirring to coat the pasta in the creamy sauce.
Garnish with fresh parsley, if desired, and serve hot.