Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and sauté for about 3-4 minutes until it becomes translucent.
Stir in the minced garlic and cook for another minute until fragrant.
Add the diced chicken to the pot and cook until fully cooked through, about 5-7 minutes, stirring occasionally.
Incorporate the red bell pepper and cook for an additional 3-4 minutes.
Add the black beans, kidney beans, diced tomatoes, chicken broth, chili powder, cumin, paprika, salt, and pepper. Stir well to combine all ingredients.
Bring the mixture to a boil, then reduce the heat to low and let it simmer for 20 minutes, stirring occasionally.
Taste and adjust seasonings, adding more salt, pepper, or chili powder as needed.
Once the soup has thickened slightly, remove from heat and serve hot.
Offer optional toppings like sour cream, cheese, cilantro, and jalapeños as desired.