Heat the olive oil in a heavy-bottomed pot over medium-high heat.
Add the diced yellow onion and red bell pepper, sautéing for 4-5 minutes until the vegetables are soft and translucent.
Add the ground beef to the pot, breaking it into small crumbles with a wooden spoon, and cook until it is completely browned.
Stir in the chili powder, smoked paprika, cumin, garlic powder, sea salt, and black pepper, cooking for 1 minute to toast the spices and release their oils.
Pour in the tomato puree, water, and the rinsed kidney beans, stirring well to combine all ingredients.
Bring the mixture to a gentle boil, then reduce the heat to low and cover the pot.
Simmer for 15-20 minutes, stirring occasionally, until the chili has thickened and the flavors are deeply integrated.