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

Add the ground turkey and cook for 6 to 8 minutes, breaking it into crumbles until browned.

Stir in the onion and bell pepper and cook for 5 minutes until softened.

Add the garlic and cook for 30 seconds until fragrant.

Stir in the tomato paste and cook for 1 minute.

Add the diced tomatoes, tomato sauce, chicken broth, kidney beans, black beans, chili powder, cumin, smoked paprika, oregano, garlic powder, onion powder, cayenne pepper, salt, and black pepper.

Bring the chili to a gentle boil.

Reduce the heat to low and simmer uncovered for 25 to 30 minutes, stirring occasionally, until thickened.

Taste and adjust the seasoning if needed.

Serve hot with your favorite toppings.