Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and sauté for about 5 minutes, or until translucent.
Stir in the minced garlic and cook for an additional 1 minute until fragrant.
Add the diced bell pepper and carrots to the pot, cooking for about 5 minutes until they begin to soften.
Stir in the diced tomatoes, kidney beans, black beans, corn, chili powder, cumin, smoked paprika, and vegetable broth.
Bring the mixture to a boil, then reduce the heat and let it simmer for 20 minutes, stirring occasionally.
Taste and season with salt and pepper as desired.
Serve the chili hot, garnished with your choice of toppings like cilantro, avocado, cheese, or sour cream.