01 - In a large pot or Dutch oven, heat a splash of oil over medium heat. Add the diced onion and cook until softened, about 5 minutes. Stir in the minced garlic and cook for 1 minute until fragrant.
02 - Add the ground beef, breaking it apart with a wooden spoon. Cook until thoroughly browned, approximately 6 to 8 minutes. Drain excess fat if necessary.
03 - Stir in the diced red and green bell peppers along with the minced jalapeño. Cook for 3 minutes until the peppers begin to soften.
04 - Add the chili powder, ground cumin, smoked paprika, dried oregano, salt, black pepper, and cayenne pepper. Stir well to evenly coat the meat and vegetables, allowing the spices to toast for about 30 seconds.
05 - Mix in the tomato paste and cook for 1 minute to deepen the flavor. Pour in the diced tomatoes and beef broth, then add the drained kidney beans and black beans. Stir to combine and bring the mixture to a boil.
06 - Reduce the heat to low, cover, and simmer for 1 hour, stirring occasionally. Remove the lid for the last 15 minutes if a thicker consistency is desired.
07 - Taste and adjust seasoning with additional salt or spices as needed. Ladle into bowls and serve hot, garnished with chopped cilantro, sour cream, grated cheddar cheese, or diced avocado if desired.