Heat olive oil in a large pot over medium heat.
Add chopped onion and sauté until soft and translucent.
Stir in minced garlic and cook until fragrant.
Add bell pepper and cook for 2–3 minutes.
Add diced tomatoes, tomato sauce, kidney beans, and black beans.
Sprinkle in chili powder, cumin, paprika, salt, and black pepper.
Pour in vegetable broth and stir well.
Bring the chili to a boil, then reduce heat to low.
Simmer uncovered for 25 minutes, stirring occasionally.
Taste and adjust seasoning as needed.
Garnish with fresh cilantro and serve hot.