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 to the pot, breaking it apart with a wooden spoon. Cook until evenly browned throughout, approximately 6 to 8 minutes. Drain off any excess fat if necessary.
03 - Stir in the diced red and green bell peppers along with the minced jalapeño. Sauté 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 thoroughly to coat the meat and vegetables evenly with the spice mixture.
05 - Mix in the tomato paste and cook for 1 minute. Pour in the diced tomatoes and beef broth, then add the drained kidney beans and black beans. Stir everything together and bring to a boil.
06 - Reduce heat to low, cover the pot, and let the chili simmer for 1 hour, stirring occasionally. Remove the lid for the final 15 minutes if a thicker consistency is desired.
07 - Taste the chili and adjust seasoning with additional salt, pepper, or spices as needed. Ladle into bowls and serve hot, garnished with fresh cilantro, sour cream, cheddar cheese, or diced avocado if desired.