Heat a large pot over medium heat. Add olive oil and ground beef. Cook until browned and fully cooked, breaking it into small pieces while stirring for even texture.

Add chopped onion and minced garlic to the pot. Stir well and cook for about five minutes until the onion becomes soft, fragrant, and lightly golden in color.

Add chopped red and yellow bell peppers to the pot. Stir everything together and cook for another five minutes until the peppers soften and release their natural sweetness.

Add chili powder, cumin, smoked paprika, salt, and black pepper. Stir well so the spices coat the meat evenly, then cook for one minute to release rich aroma.

Pour in crushed tomatoes and beef broth. Add tomato paste and mix everything well until smooth and thick. The mixture should look rich and well combined.

Lower the heat and let the chili simmer gently. Cover partially and cook for about one hour, stirring occasionally to prevent sticking and blend all flavors together.

Add kidney beans and stir well. Let the chili cook for another 15 minutes. Taste and adjust seasoning if needed, adding sugar if the flavor feels slightly acidic.