Heat the olive oil in a medium pot over medium-high heat until shimmering.
Add the diced yellow onion and red bell pepper to the pot, sautéing for 4-5 minutes until the vegetables are softened and the onions are translucent.
Add the ground beef, breaking it apart with a wooden spoon, and cook until it is thoroughly browned and no longer pink.
Stir in the smoked paprika, ground cumin, chili powder, sea salt, and black pepper, allowing the spices to toast for 1 minute until highly fragrant.
Pour in the tomato puree, rinsed kidney beans, and water, stirring well to combine all ingredients.
Bring the mixture to a gentle boil, then immediately reduce the heat to low.
Cover the pot and simmer for 15-20 minutes, stirring occasionally, until the chili has thickened and the flavors have deeply melded.
Ladle the chili into a bowl and serve hot.