Cook the cheese tortellini according to the package instructions until just al dente. Drain and set aside.
In a large skillet, heat olive oil over medium-high heat. Add the sliced steak and season with salt, pepper, and smoked paprika. Sauté until browned and cooked through, about 4-5 minutes, then remove from the skillet and set aside.
In the same skillet, add a little more olive oil if needed, then introduce the sliced onions and bell peppers. Cook for about 5-7 minutes until they soften.
Add the minced garlic to the veggies and sauté for 1 additional minute until fragrant.
Return the cooked steak to the skillet with the vegetables. Stir in the heavy cream and bring to a gentle simmer, allowing the sauce to slightly thicken.
Mix in the cheddar cheese until melted and the sauce is creamy. Finally, fold in the drained tortellini until well coated.
Finish by stirring in the butter for added richness and serve hot.