Heat the oil in a large Dutch oven or pot over medium-high heat. Once it's hot, add the diced onion and bell pepper and sauté for 5 minutes, stirring occasionally.
Add the minced garlic and allow it to cook for 30 seconds. Then add the tomato paste, salt, paprika, cumin, chili powder, and ground black pepper. Stir and sauté for 1 minute.
Add the ground beef to the pot and break it up with the back of a spoon. Allow it to cook for 4 to 5 minutes or until browned.
Add the beef broth, kidney beans, black beans, and diced tomatoes to the pot. Increase the heat and bring to a low boil.
Cover and allow to simmer for 15 minutes. Reduce to low heat once the mixture starts to bubble. Remove the lid and stir. Allow the chili to simmer for another 15 minutes, stirring occasionally, until reduced.
Serve immediately or save in the refrigerator for up to 4 days.