Heat a large nonstick skillet over medium-high heat and cook the onion for 1-2 minutes. Add 1-2 Tbsp. of water or veggie broth to prevent sticking.
Stir in the TVP, nutritional yeast, chili powder, smoked paprika, cumin, and garlic powder. Cook for 30-45 seconds until the spices become fragrant.
Add the vegetable broth, soy sauce, and tomato paste. Stir until everything is well combined.
Reduce the heat to low, cover, and let simmer for 3-5 minutes. All of the liquid should be absorbed, and the mixture should resemble ground beef.
Taste and season as desired or add a squeeze of lime juice.
