Heat the olive oil in a large pot over medium heat. Add the chopped onion and minced garlic, sautéing until the onion is translucent and fragrant, about 3-4 minutes.
Add the diced bell peppers to the pot and cook for an additional 2 minutes until slightly softened.
Increase the heat to medium-high and add the lean ground beef to the pot. Break the meat apart with a spoon and cook until browned and no longer pink.
Stir in the tomato paste, chopped tomatoes, kidney beans, black beans, ground cumin, smoked paprika, chili powder, and dried oregano. Mix well to combine all the ingredients.
Pour in the beef or vegetable stock and bring the mixture to a boil. Once boiling, reduce the heat to low, cover, and let simmer for 30 minutes, stirring occasionally.
After 30 minutes, remove the lid and continue to simmer for an additional 10-15 minutes, or until the chilli has thickened to your liking. Season with salt and pepper to taste.
Serve the chili hot, garnished with fresh cilantro. If desired, top with shredded cheese, a dollop of sour cream, and a squeeze of lime juice.
Prep: 15 minutes
Cook: 45 minutes
Total Time: 1 hour
Servings: 6Cooking Time: 45 minutesTotal Time: 1 hourKcal: Approximately 350 per serving