Heat the olive oil in a large pot or Dutch oven over medium-high heat. Then add the ground beef and cook it for 7 to 8 minutes, breaking it into small crumbles with a wooden spoon.

Once the beef is browned, drain off the excess grease, but leave about 1 tablespoon in the pot for flavor.

Add the diced onion and red bell pepper to the pot. Cook for 5 to 6 minutes, stirring now and then, until the vegetables soften.

Add the garlic, chili powder, cumin, smoked paprika, oregano, and cayenne if using. Cook for 1 minute, stirring constantly, until the spices smell fragrant.

Stir in the tomato paste and cook for 1 to 2 minutes more.

Add the crushed tomatoes, diced tomatoes with their juice, and beef broth. Stir well, scraping up any browned bits from the bottom of the pot.

Bring the mixture to a boil, then lower the heat and simmer uncovered for 40 to 45 minutes, stirring occasionally until the chili thickens.

Stir in the kidney beans and black beans. Simmer for another 10 to 15 minutes, until the beans are hot and the chili thickens a bit more.

Taste and season with salt and black pepper.

Ladle the chili into bowls and add your favorite toppings.

Store leftovers in an airtight container in the refrigerator for up to 5 days.

Freeze for up to 3 months.