1. Heat the olive oil in a large pot or Dutch oven over medium heat.

2. Add the ground beef and cook, breaking it apart with a wooden spoon, until browned and cooked through. Drain excess fat if needed.

3. Add the diced onion and minced garlic to the pot, sautéing until the onion is softened and fragrant.

4. Stir in the tomato paste, diced tomatoes, kidney beans, black beans, chili powder, cumin, smoked paprika, and cayenne pepper. Season with salt and pepper to taste.

5. Pour in the beef broth, stir to combine, and bring to a boil.

6. Reduce heat to low, cover the pot, and let simmer for 30-40 minutes, stirring occasionally until thickened.