01 - Heat olive oil in a large pot or Dutch oven over medium heat. Add diced onion and cook for 3–4 minutes until softened and translucent.
02 - Stir in minced garlic and cook for 1 minute until fragrant, being careful not to burn it.
03 - Add ground beef to the pot. Break it up with a wooden spoon and cook for 6–8 minutes until browned and no longer pink.
04 - Add diced red and green bell peppers along with finely chopped jalapeño. Cook for 3–4 minutes until vegetables begin to soften.
05 - Stir in tomato paste, diced tomatoes, cumin, chili powder, smoked paprika, coriander, cayenne, oregano, salt, and black pepper. Mix thoroughly to coat all ingredients.
06 - Pour in beef broth and bring the mixture to a gentle simmer. Reduce heat to low, cover, and simmer for 45 minutes, stirring occasionally.
07 - Stir in drained kidney beans and black beans. Continue simmering uncovered for 15 minutes to allow the sauce to thicken and flavors to meld.
08 - Taste the chili and adjust salt, pepper, or spice levels as needed.
09 - Ladle hot chili into bowls and top with your choice of garnishes such as sour cream, shredded cheddar, fresh cilantro, or sliced jalapeños.