Heat olive oil in a large pot over medium heat.
Add onion and bell peppers and sauté until softened, about 5–7 minutes.
Add garlic and cook for 30 seconds.
Add ground beef and cook until browned, breaking it up as it cooks.
Stir in tomato paste and cook for 1–2 minutes until brick-red.
Add crushed tomatoes, tomato sauce, kidney beans, beef broth, chili powder, cumin, paprika, cayenne, salt, and pepper.
Stir well, bring to a gentle simmer, cover, and cook for at least 1 hour, stirring occasionally, until thick and flavorful.