Heat the olive oil in a large pot or Dutch oven over medium-high heat.

Add the ground beef and cook, breaking it up with a spoon, until browned and no longer pink, about 6 to 8 minutes. Drain off excess fat if needed.

Add the onion and bell pepper and cook until softened, about 5 minutes.

Stir in the garlic and tomato paste and cook for 1 minute until fragrant.

Add the chili powder, cumin, smoked paprika, oregano, cayenne if using, salt, and black pepper. Stir well to coat the meat and vegetables.

Pour in the crushed tomatoes, diced tomatoes, kidney beans, black beans, beef broth, brown sugar, and Worcestershire sauce. Stir to combine.

Bring the chili to a gentle boil, then reduce the heat to low and simmer uncovered for 30 to 45 minutes, stirring occasionally, until thickened and the flavors meld.

Taste and adjust seasoning with more salt or pepper if needed. Serve hot.