Brown the Meat: In a large pot or Dutch oven, heat a tablespoon of olive oil over medium-high heat. Season the short ribs with salt and pepper. Brown the short ribs on all sides, about 5-7 minutes. Remove and set aside.
Cook the Chorizo: In the same pot, add the chorizo. Cook until browned and crumbly, approximately 5 minutes. Remove the chorizo and set it aside with the short ribs.
Sauté the Vegetables: Add the diced onion, garlic, and bell peppers to the pot. Sauté until softened, about 5 minutes.
Add the Spices: Stir in the chili powder, cumin, smoked paprika, and oregano. Cook for an additional minute until fragrant.
Combine Ingredients: Return the short ribs and chorizo to the pot. Add the diced tomatoes and beef broth. Stir to combine.
Simmer: Bring the mixture to a boil, then reduce the heat to low. Cover and let simmer for about 1.5 hours, or until the short ribs are tender.
Add Beans: After simmering, stir in the kidney beans and black beans. Let the chili simmer for another 15-20 minutes.
Adjust Seasoning: Taste and adjust seasoning with salt and pepper as needed.
Serve: Remove the short ribs, shred the meat, and return it to the pot. Stir well to combine.