Heat a large pot over medium heat and drizzle in a little olive oil.
Add the diced onion, bell pepper, and garlic, and cook until softened.
Stir in the ground beef, breaking it apart with a spoon until browned.
Drain excess fat if needed.
Mix in the chili powder, cumin, paprika, salt, black pepper, and cayenne pepper if using.
Pour in the diced tomatoes, tomato sauce, beans, and beef broth.
Stir well, bring to a simmer, then reduce heat to low.
Let the chili cook uncovered for about 45 minutes, stirring occasionally.
Taste and adjust seasoning before serving.
Serve hot with shredded cheese, sour cream, or fresh cilantro if you like.