Prepare the Base:
Heat olive oil in a large Dutch oven over medium heat. Add the diced onion and bell peppers, cooking until softened, about 5 minutes. Stir in the minced garlic and cook for an additional minute.
Brown the Beef:
Push the vegetables to the side and add the ground beef to the pot. Cook, breaking it apart with a wooden spoon, until browned and fully cooked. Drain any excess fat if needed.
Add the Spices:
Stir in chili powder, cumin, smoked paprika, cayenne pepper, salt, and black pepper. Mix well to coat the beef and vegetables with the spices, cooking for 1-2 minutes to enhance the flavors.
Combine the Ingredients:
Add the diced tomatoes, tomato paste, and beef broth to the pot. Stir well to combine. Bring the mixture to a boil, then reduce the heat to low.
Simmer:
Cover the pot and let the chili simmer for 25-30 minutes, stirring occasionally. Add the kidney beans and black beans during the last 10 minutes of cooking.
Adjust Seasoning and Serve:
Taste and adjust seasoning if needed. Ladle the chili into bowls and top with your favorite garnishes, like shredded cheese, sour cream, or green onions.