Heat olive oil in a 6-quart Dutch oven over medium-high heat.
Add the ground beef and cook until fully browned, using a wooden spoon to break the meat into small crumbles.
Drain the excess fat from the pot, leaving approximately 1 tablespoon for moisture and flavor.
Add the diced onion and green bell pepper to the pot and sauté for 6 minutes until the vegetables are softened and translucent.
Incorporate the minced garlic and sauté for an additional 60 seconds until fragrant.
Add the chili powder, cumin, smoked paprika, oregano, cayenne, salt, and black pepper; stir constantly for 2 minutes to toast the spices.
Stir in the tomato paste and cook for 2 minutes to caramelize the sugars and deepen the color.
Add the crushed tomatoes, diced tomatoes with green chilies, beef broth, brown sugar, and Worcestershire sauce; stir thoroughly to combine.
Bring the mixture to a boil, then reduce heat to low, cover, and simmer for 30 minutes to allow the base flavors to integrate.
Add the kidney beans and pinto beans to the pot.
Continue to simmer uncovered for 20-30 minutes, allowing the liquid to reduce and the chili to reach a thick, hearty consistency.
Adjust seasoning with additional salt or pepper as required before service.