Step 1: In a large, heavy-bottomed pot or Dutch oven, heat the olive oil over medium-high heat. Add the chopped yellow onion and cook until softened and translucent, about 5-7 minutes. Add the minced garlic and cook for another minute until fragrant, being careful not to burn it.
Step 2: Add the ground beef to the pot, breaking it up with a spoon. Cook until it’s thoroughly browned and no pink remains. Drain any excess grease from the pot.
Step 3: Return the pot to the heat. Add the chili powder, cumin, smoked paprika, oregano, and cayenne pepper (if using) to the browned beef and aromatics. Stir constantly for about 1-2 minutes until the spices are fragrant.
Step 4: Pour in the beef broth and scrape up any browned bits from the bottom of the pot with a wooden spoon. Stir in the crushed tomatoes, diced tomatoes, tomato paste, and Worcestershire sauce.
Step 5: Stir in the drained and rinsed kidney beans and pinto beans. Bring the chili to a gentle simmer, then reduce the heat to low, cover, and let it cook for at least 1 hour, or up to 3 hours, stirring occasionally. The longer it simmers, the more the flavors will meld and deepen.
Step 6: After simmering, taste the chili and season with salt and black pepper to your liking. If you prefer a thicker chili, remove the lid and let it simmer uncovered for the last 30 minutes. Serve hot with your favorite toppings.