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, breaking it up with a wooden spoon. 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 evenly.
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 to prevent sticking.
07 - Stir in drained kidney beans and black beans. Continue simmering uncovered for an additional 15 minutes to allow the chili to thicken and flavors to meld.
08 - Taste the chili and adjust salt and pepper as needed. Serve hot with sour cream, shredded cheddar cheese, fresh cilantro, and sliced jalapeños as desired.