In a large bowl, combine ground beef, breadcrumbs, Parmesan, egg, parsley, salt, and pepper. Mix until just combined. Shape into meatballs, about 1 inch in diameter.

Heat olive oil in a skillet over medium heat. Add meatballs and cook until browned on all sides and cooked through, about 8-10 minutes. Remove from the skillet and set aside.

In the same skillet, add sliced bell peppers. Sauté until tender, about 5 minutes.

Reduce the heat to low, then add heavy cream, garlic powder, and onion powder to the skillet. Stir until combined and warmed through.

Return the meatballs to the skillet, gently stirring to coat them in the sauce. Cook for an additional 2-3 minutes to ensure everything is heated through.