In a large pot or Dutch oven, heat the olive oil over medium heat.
Add the chopped onion, garlic, and both bell peppers to the pot. Sauté for about 5 minutes, or until the vegetables are softened.
Add the ground turkey to the pot. Cook, breaking it up with a wooden spoon, for about 7-10 minutes or until it's browned and cooked through.
Stir in the diced tomatoes (with their juice), kidney beans, black beans, chili powder, cumin, smoked paprika, salt, and black pepper.
Pour in the chicken broth and stir to combine. Bring the mixture to a boil.
Once boiling, reduce the heat to low, cover, and let it simmer for about 30 minutes, stirring occasionally.
Taste and adjust seasonings if desired. Serve hot with optional toppings such as shredded cheese, sour cream, or chopped cilantro.