Heat olive oil in a large pot over medium heat.
Add the diced onion and cook until translucent, about 5 minutes.
Add the minced garlic and cook for another minute.
Add the diced bell pepper and cook for 3-4 minutes.
Stir in the diced tomatoes, black beans, kidney beans, and vegetable broth.
Add the chili powder, ground cumin, paprika, salt, and black pepper. Stir well.
Bring the mixture to a boil, then reduce the heat and let it simmer for 20 minutes.
Serve hot, garnished with your favorite toppings.