01 - Heat a splash of oil in a large pot or Dutch oven 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 fully browned, 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. Cook for 3 minutes, allowing the vegetables to soften slightly.
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 blend.
05 - Stir 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. Bring everything to a rolling boil.
06 - Reduce the heat to low, cover the pot, and simmer for 1 hour, stirring occasionally. Remove the lid for the last 15 minutes if a thicker consistency is desired.
07 - Taste the chili and adjust the seasoning as needed. Ladle into bowls and serve hot, garnished with fresh cilantro, sour cream, cheddar cheese, or diced avocado as desired.