Heat the olive oil in a large Dutch oven over medium heat. Add the chopped onion and red bell pepper. Sauté, until softened.
Stir in the minced garlic and cook for another 1 minute until fragrant.
Add the ground beef. Cook it while breaking it up with a spoon, until browned and no longer pink.
Stir in the tomato paste, chili powder, cumin, paprika, oregano, salt, black pepper, and red pepper flakes (if using). Cook for a 1 minute to toast the spices and coat the beef.
Pour in the crushed tomatoes, diced tomatoes, kidney beans, and beef broth. Stir everything together well.
Bring the chili to a gentle simmer. Reduce the heat to low, cover partially with the lid, and let simmer for 30–40 minutes, stirring occasionally, until thick and flavorful.
Taste and adjust the seasoning if needed. For extra spice, add more chili powder or a pinch of cayenne.
Serve hot with your favorite toppings!