Heat olive oil in a Dutch oven over medium heat.
Add the ground beef, breaking it up with a spoon. Cook until browned, about 6-8 minutes.
Once browned, remove excess fat, leaving about 1-2 tbsp in the pot.
Add the chopped onion, garlic, and bell pepper to the pot. Sauté for 3-4 minutes until softened.
Stir in the chili powder, cumin, paprika, oregano, and cayenne pepper (if using). Cook for 1-2 minutes to toast the spices.
Add the diced tomatoes, kidney beans, black beans, and beef broth. Stir well to combine.
Bring the mixture to a simmer, then reduce the heat to low. Let it simmer for 30 minutes, stirring occasionally.
Taste the chili and adjust seasoning with salt, pepper, or extra chili powder, if needed.
Serve the chili hot in bowls, and top with cheese, sour cream, chopped cilantro, sliced jalapeños, and tortilla chips, if desired.