Heat olive oil in a large pot over medium heat. Add onion and bell pepper and saute 5 minutes until softened. Add garlic and cook 1 minute more.
Add ground beef or turkey and cook, breaking it apart, until browned and cooked through, about 5 to 7 minutes. Drain excess fat if needed.
Stir in chili powder, cumin, smoked paprika, oregano, salt, and pepper. Cook 1 to 2 minutes to bloom the spices.
Add kidney beans, black beans, diced tomatoes with juices, tomato paste, and broth. Stir to combine.
Bring to a gentle boil, then reduce heat to low. Cover and simmer 30 to 40 minutes, stirring occasionally, until thickened and rich.
Taste and adjust seasoning. Serve hot with desired toppings.
