01 - In a large pot or Dutch oven, heat a splash of oil over medium heat. Add the diced onion and cook until softened and translucent, about 5 minutes. Stir in the minced garlic and cook for 1 minute until fragrant.
02 - Add the ground beef to the pot, breaking it apart with a wooden spoon. Cook until thoroughly browned, approximately 6 to 8 minutes. Drain off any excess fat if desired.
03 - Stir in the diced red and green bell peppers along with the minced jalapeño. Cook for 3 minutes, allowing the vegetables to soften slightly.
04 - Add the chili powder, ground cumin, smoked paprika, dried oregano, salt, black pepper, and cayenne pepper. Stir well to evenly coat the meat and vegetables, toasting the spices for about 30 seconds.
05 - Mix in the tomato paste and cook for 1 minute. Pour in the diced tomatoes and beef broth, then add the drained kidney beans and black beans. Stir everything together and bring to a boil.
06 - Reduce the heat to low, cover the pot, and let the chili simmer for 1 hour, stirring occasionally. Remove the lid for the final 15 minutes if a thicker consistency is desired.
07 - Taste the chili and adjust the seasoning with additional salt, pepper, or spices as needed. Ladle into bowls and serve hot, garnished with fresh cilantro, sour cream, cheddar cheese, and diced avocado.