01 - Heat olive oil in a large pot over medium heat. Add the finely chopped onion and cook for 3 to 4 minutes until softened.
02 - Add minced garlic, diced red and green bell peppers to the pot. Cook for an additional 3 minutes while stirring.
03 - Add ground beef to the pot, breaking it up with a spoon. Cook until browned and no longer pink. Drain excess fat if necessary.
04 - Sprinkle in chili powder, ground cumin, smoked paprika, dried oregano, cayenne pepper (if using), salt, and black pepper. Stir continuously for 1 minute until fragrant.
05 - Stir in tomato paste, then add canned chopped tomatoes and beef stock. Mix thoroughly to combine all ingredients evenly.
06 - Bring the mixture to a gentle simmer. Reduce the heat to low, cover, and cook for 20 minutes, stirring occasionally.
07 - Remove the lid and add the drained kidney beans. Simmer uncovered for 10 to 15 minutes until the chili reaches desired thickness.
08 - Taste and adjust seasoning with salt and pepper as needed.
09 - Ladle chili into bowls and garnish with fresh coriander, sour cream, or grated cheddar cheese as preferred.