In a large pot or Dutch oven, heat the olive oil over medium heat. Add the diced onion, bell pepper, and minced garlic. Sauté until the vegetables are soft and fragrant.

Add the ground beef to the pot and cook until browned. Drain any excess fat.

Stir in the kidney beans, pinto beans, crushed tomatoes, tomato paste, and beef broth. Mix well to combine.

Season the chili with chili powder, ground cumin, smoked paprika, cayenne pepper (if using), salt, black pepper, and the bay leaf. Stir everything together.

Bring the mixture to a gentle simmer and let it cook for 30 to 45 minutes. Stir occasionally, allowing the flavors to meld and the chili to thicken.

Before serving, taste and adjust the seasoning if necessary. Remove the bay leaf and serve hot, garnished with your favorite toppings.