Heat the olive oil in a medium saucepan over medium-high heat.
Add the diced yellow onion and red bell pepper, sautéing for 3 to 4 minutes until the vegetables begin to soften.
Add the ground beef to the pan, breaking it up with a wooden spoon, and cook until browned and fully cooked through.
Stir in the smoked paprika, chili powder, ground cumin, sea salt, and black pepper, coating the meat and vegetables evenly.
Pour in the tomato puree, kidney beans, and water, stirring to combine all ingredients.
Reduce the heat to low and simmer for 10 to 12 minutes, allowing the flavors to meld and the sauce to thicken.
Adjust consistency with a splash more water if desired and serve warm.