Heat the olive oil in a medium pot over medium-high heat.
Add the diced yellow onion and red bell pepper, sautéing for 3-4 minutes until the vegetables begin to soften.
Stir in the minced garlic and cook for an additional 30 seconds until fragrant.
Add the ground turkey to the pot, breaking it up with a wooden spoon, and cook until browned and no longer pink.
Sprinkle the chili powder, smoked paprika, ground cumin, sea salt, and black pepper over the turkey mixture and stir well to coat.
Pour in the diced tomatoes with their juices, rinsed black beans, and water.
Bring the chili to a gentle boil, then reduce the heat to low and simmer for 15 minutes to allow the flavors to meld into a thick, savory consistency.
Serve hot in a bowl, optionally garnished with fresh cilantro or a squeeze of lime.