Heat olive oil in a large pot or Dutch oven over medium-high heat. Add chopped onion and cook for 3–4 minutes until softened.

Add minced garlic and cook for 1 minute, stirring constantly to prevent burning.

Add ground beef and cook, breaking it apart with a spoon, until browned and no longer pink, about 5–6 minutes. Drain excess fat if needed.

Stir in chili powder, cumin, paprika, cayenne (if using), salt, and black pepper. Cook for 1 minute to toast the spices and enhance flavor.

Add diced tomatoes (with juice), kidney beans, pinto beans, and beef broth. Stir well to combine.

Bring the chili to a boil, then reduce heat to low. Simmer uncovered for 15 minutes, stirring occasionally, until slightly thickened and flavors meld.

Taste and adjust seasoning if needed. Serve hot with your favorite toppings like shredded cheese, sour cream, or green onions.