Heat olive oil in a large pot over medium heat. Add chopped onion and garlic, sauté until translucent.

Add green bell peppers and jalapeños, cooking for another 5 minutes until softened.

Stir in ground beef, cooking until browned. Drain excess fat if necessary.

Pour in chicken broth and diced tomatoes, followed by chili powder, cumin, salt, and black pepper. Stir well.

Bring to a boil, then reduce heat and let simmer for 30 minutes, stirring occasionally.

Serve hot, garnished with fresh cilantro.