Heat olive oil in a large pot or Dutch oven over medium-high heat. Add ground beef and cook until browned, breaking it into small pieces. Drain excess fat if needed.
Add diced onion, bell pepper, and jalapeño (if using). Cook for 5-7 minutes until vegetables are softened.
Stir in minced garlic and cook for 1 minute until fragrant.
Add chili powder, cumin, smoked paprika, cayenne (if using), oregano, salt, and black pepper. Stir to coat the meat and vegetables.
Pour in crushed tomatoes, tomato sauce, beef broth, and brown sugar (if using). Stir well to combine.
Add kidney beans and pinto beans. Stir to incorporate.
Bring the chili to a boil, then reduce heat to low. Cover and simmer for 1 hour, stirring occasionally.
Taste and adjust seasoning as needed. Simmer uncovered for an additional 15-30 minutes if a thicker consistency is desired.
Serve hot with desired toppings such as shredded cheese, sour cream, green onions, or cornbread.
Notes
Store leftovers in an airtight container in the refrigerator for up to 5 days or freeze for up to 3 months. Reheat on the stove or in the microwave.