In a large pot, brown the ground beef over medium heat until no longer pink. Drain excess grease.
Add the diced onion, garlic, green and red bell peppers, and jalapeños to the pot with the beef. Cook until vegetables are softened, about 5 minutes.
Stir in the chili powder, cumin, smoked paprika, and cayenne pepper. Cook for another 2 minutes to release the flavors.
Pour in the crushed tomatoes and beef broth. Bring to a simmer.
Add the kidney beans and black beans. Season with salt and pepper to taste. Reduce heat to low and let the chili simmer, uncovered, for 1 hour 30 minutes, stirring occasionally.
Serve hot, garnished with shredded cheddar cheese, a dollop of sour cream, and chopped green onions.