Boil unpeeled potatoes in salted water for 15-20 minutes until tender. Drain and cut into wedges once cool enough to handle.
In a bowl, combine minced beef, egg, breadcrumbs, paprika powder, salt, pepper, and basil. Mix well and form into small meatballs.
Heat olive oil in a large pan over medium-high heat. Fry the meatballs for 5-7 minutes, turning occasionally, until browned on all sides.
Slice the colored peppers and add to the pan. Fry for 2-3 minutes.
Add the canned tomatoes and roughly 1/2 to 1 cup of vegetable broth (optional). Season with hot paprika powder, salt, pepper, and garlic powder.
Reduce heat to medium-low and simmer for 20 minutes, stirring occasionally, until the meatballs reach an internal temperature of 71°C (160°F).
While the meatballs simmer, heat olive oil in another pan over medium-high heat. Fry the potato wedges for 5-10 minutes, stirring occasionally, until golden and crispy. Season with salt, pepper, hot paprika powder, and garlic powder.
Serve the meatballs and sauce with the crispy potato wedges.