31x10.50R15 is 0.35" taller than 265/75R15, a +1.14% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.18" (half the diameter change), and the tire needs 0.18" more room above it.
Both tires are almost the same width (0.07" apart).
Both fit a 15" wheel; the sidewall is 0.18" taller on 31x10.50R15.
Details: 265/75R15 in inches · 31x10.50R15 in inches · change sizes in the calculator