Heat the olive oil in a medium pot over medium-high heat.
Add the ground beef and cook until browned, breaking it up with a wooden spoon as it cooks.
Stir in the diced bell pepper and yellow onion, sautéing for 3-4 minutes until the vegetables begin to soften.
Add the chili powder, smoked paprika, cumin, sea salt, and black pepper, stirring for 1 minute to toast the spices.
Pour in the tomato puree, kidney beans, and water, stirring well to combine all ingredients.
Reduce the heat to low, cover the pot, and simmer for 15-20 minutes to allow the flavors to meld and the chili to thicken.
Serve hot in a bowl, optionally garnished with fresh herbs or a squeeze of lime.