In large skillet melt butter over medium-high heat. Cook ground beef in butter until brown, 3 to 5 minutes. Stir in chopped onion and cook until beef juices run clear, 3 to 5 minutes. Drain.
Stir in salt, pepper, paprika and chile powder. Add water to cover, and simmer until water is absorbed, stirring frequently, 10 to 15 minutes.
