1. Heat a large Dutch oven or heavy pot over medium heat and cook the ground beef until browned, breaking it apart as it cooks. Drain excess grease if needed.

2. Add the olive oil, onion, garlic, green bell pepper, and red bell pepper. Cook for 4 to 5 minutes until the vegetables soften.

3. Stir in the tomato paste, chili powder, cumin, smoked paprika, oregano, salt, black pepper, and brown sugar. Cook for 1 minute to deepen the flavor.

4. Add the diced tomatoes, tomato sauce, beef broth, kidney beans, and black beans. Stir well to combine.

5. Bring the chili to a gentle boil, then reduce the heat and simmer uncovered for 35 to 45 minutes, stirring occasionally, until thickened.

6. Taste and adjust seasoning if needed, then serve hot with your favorite toppings.