Heat your pot over medium-high heat for about 30 seconds. Add the olive oil and let it shimmer. Once it's hot, add the ground beef in one layer. Don't stir it for at least 3-4 minutes—let it sit and develop that golden crust on the bottom. Break it up with a spoon, then let it sear again.
Keep cooking until the beef is deeply browned, about 8-10 minutes total. You want color here, not just cooked-through meat. Pour off most of the excess fat, leaving about 1 tablespoon behind. This is where the flavor lives. Add your diced onion and cook for 2 minutes until it softens slightly.
Toss in the garlic and let it cook for about 30 seconds—you'll hear it sizzle and smell that warm, toasty aroma. Add both bell peppers and stir everything together for another minute. Now comes the magic part: add your chili powder, cumin, smoked paprika, and cayenne pepper. Stir constantly for about 1 minute so the spices coat everything and bloom in that hot fat.
Add the tomato paste and stir it in, making sure it touches the bottom of the pot. Let it cook for about 1 minute—it'll darken slightly and become more concentrated. This step deepens the whole flavor profile. Pour in your diced tomatoes with their juice, the beef broth, and that bay leaf. Give everything a good stir.
Add both your drained kidney beans and black beans. Stir in the salt and black pepper. Bring the whole thing to a simmer, then reduce heat to medium-low. This beef chili recipe needs time to develop, so let it bubble gently for about 40-45 minutes. Stir it every 10 minutes or so. I always taste mine around minute 35 to see if it needs more salt.
Keep simmering until the flavors have melded together and your kitchen smells like pure comfort—rich, warm, and deeply savory. The broth should darken slightly and thicken as the liquid reduces. If it's too thick, add a splash of broth. If it's too thin, let it simmer a few more minutes uncovered.
Remove the bay leaf and taste one more time. Adjust salt and pepper if needed. Let it rest for 5 minutes before serving. This gives everything a chance to settle and makes the flavors even more cohesive. That's when you know you've nailed a real beef chili recipe.