Heat the olive oil in a large pot over medium-high heat. Add the diced onion and cook for 3-4 minutes until soft and translucent.

Add the minced garlic to the pot and cook for an additional 1-2 minutes until fragrant.

Add the ground beef to the pot, breaking it up as it cooks. Cook for 5-7 minutes until browned.

Sprinkle in chili powder, cumin, smoked paprika, and cayenne pepper, stirring well. Cook for 1-2 minutes.

Stir in the tomato paste, mixing well. Cook for another 2-3 minutes.

Pour in the diced tomatoes, beef broth, salt, and pepper. Stir to combine and bring to a simmer.

Lower the heat and let it cook for 20-25 minutes, allowing the flavors to meld.

Add the kidney and black beans to the pot and stir. Simmer for another 10-15 minutes.

Taste and adjust seasoning as needed. Serve once cooked.