Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and bell pepper. Sauté for about 5 minutes until they are soft and the onion is translucent.
Stir in the minced garlic and cook for an additional minute.
Add the ground beef to the pot, breaking it up with a spoon, and cook until browned, about 5-7 minutes.
Once the meat is cooked, drain any excess fat from the pot.
Add the rinsed kidney beans, black beans, diced tomatoes (with juice), and tomato paste to the pot. Stir well to combine.
Season the mixture with chili powder, cumin, paprika, salt, and black pepper. Stir to combine all ingredients.
Pour in the beef broth and bring the mixture to a boil. Once boiling, reduce the heat to low and cover the pot.
Let the chili simmer for about 30 minutes, stirring occasionally.
Taste and adjust seasoning if needed. Serve hot, garnished with your favorite toppings.