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

Stir in minced garlic, bell pepper, and diced carrots. Cook for about 5 minutes until vegetables are softened.

Add diced tomatoes, kidney beans, black beans, and vegetable broth to the pot.

Stir in chili powder, cumin, paprika, salt, and black pepper. Bring to a boil.

Reduce heat and let simmer for 20 minutes, stirring occasionally.

Taste and adjust seasoning if necessary. Serve hot.