Heat olive oil in a large pot over medium heat. Add onion and peppers, cooking for 2-3 minutes until softened.
Stir in garlic and cook for 1 minute. Add ground beef and cook for 5-6 minutes, breaking it apart as it browns.
Add chili powder, cumin, cayenne, salt, pepper, and tomato paste. Cook for 1-2 minutes to allow spices to bloom.
Pour in beef broth, tomatoes, and kidney beans. Bring to a boil, then lower the heat and simmer uncovered for 30-60 minutes.
Serve with your favorite chili toppings like cheese, sour cream, or chips.
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