Heat the olive oil in a medium pot over medium-high heat.
Add the diced yellow onion and bell pepper to the pot, sautéing for 3-4 minutes until the onions are translucent and fragrant.
Add the lean ground beef, breaking it apart with a wooden spoon, and cook until it is thoroughly browned.
Stir in the chili powder, smoked paprika, ground cumin, garlic powder, sea salt, and black pepper, allowing the spices to toast for 1 minute.
Pour in the tomato puree, rinsed red kidney beans, and water, 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 well developed.
Remove from heat and serve warm in a bowl.