Prepare all ingredients by chopping the onion, mincing the garlic, and dicing the red bell pepper. Separate and wash the lettuce leaves.
In a large skillet, heat olive oil over medium heat. Sauté the chopped onion for 3-4 minutes until translucent, then add minced garlic and diced red bell pepper, cooking for another 2 minutes.
Add ground beef to the skillet, breaking it apart as it cooks. Stir until browned and fully cooked, about 5-7 minutes. Drain excess fat if necessary.
Stir in soy sauce, hoisin sauce, sriracha, ground ginger, sesame oil, salt, and pepper. Cook for an additional 2-3 minutes to meld flavors.
Spoon the beef mixture into lettuce leaves and top with shredded carrots, chopped green onions, and cilantro. Serve with lime wedges.