Heat olive oil in a large pot over medium heat. Add chopped onions and bell peppers and sauté for 5-7 minutes until softened. Stir in the garlic and cook for another 30 seconds.
Add ground beef or turkey. Cook until browned, breaking it up with a spoon, about 6-8 minutes. Drain excess fat.
Sprinkle in chili powder, cumin, paprika, salt, and pepper. Stir to coat the meat and vegetables, and toast the spices for 1-2 minutes.
Add tomato paste and diced tomatoes. Stir to combine. Pour in the broth and bring the chili to a gentle simmer.
Add the kidney and black beans. Stir, reduce heat to low, and simmer uncovered for 30-40 minutes, stirring occasionally.
Taste and adjust seasonings—add salt, chili powder, or a splash of hot sauce as needed.
Serve hot with your favorite toppings like Greek yogurt, cheese, cilantro, or green onions.