Heat the olive oil over medium heat in a large skillet or pan.
Add the chopped peppers and jalapeños and cook for 5-7 minutes until they start to soften.
Add the sliced garlic and continue to sauté for another minute until fragrant.
Stir in the diced tomatoes, paprika, sugar, cumin, salt, and pepper.
Reduce the heat to low and let the mixture simmer, uncovered, for about 1 1/2 to 2 hours, stirring about every 10-15 minutes. The matbucha should have a jam-like texture. Taste the matbucha and adjust the seasoning, sugar, or spice levels as needed. Once cooked, let the matbucha cool to room temperature before serving.