Heat the olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Add the ground beef to the pot, breaking it into small crumbles with a wooden spoon, and cook until browned.
Stir in the diced yellow onion and red bell pepper, sautéing for about 5 minutes until the vegetables are tender and translucent.
Add the smoked paprika, chili powder, cumin, garlic powder, sea salt, and black pepper, stirring constantly for 1 minute to toast the spices.
Pour in the diced tomatoes (with their juices), the rinsed kidney beans, and the beef bone broth.
Bring the mixture to a gentle boil, then reduce the heat to low.
Cover the pot and simmer for at least 30 to 45 minutes, stirring occasionally, to allow the flavors to fully develop and the liquid to thicken.
Ladle the hot chili into a bowl and enjoy.