In a large pot, brown the ground beef over medium heat until fully cooked. Drain excess fat.

Add the chopped onion, garlic, and bell pepper to the pot. Sauté until the vegetables are softened, about 5 minutes.

Stir in the chili powder, cumin, paprika, salt, black pepper, and cayenne pepper. Cook for another 2 minutes to toast the spices.

Add the diced tomatoes, kidney beans, black beans, and beef broth. Stir to combine.

Bring the mixture to a boil, then reduce the heat to low. Cover and let simmer for 30 minutes, stirring occasionally.

Taste and adjust seasoning if necessary. Serve hot.