Heat the extra virgin olive oil in a large pot or Dutch oven over medium heat.
Add the diced yellow onion and red bell pepper to the pot, sautéing for 4-5 minutes until the onion is translucent and soft.
Add the lean ground beef to the pot, breaking it into small crumbles with a wooden spoon, and cook until it is completely browned.
Stir in the minced garlic, chili powder, smoked paprika, ground cumin, sea salt, and black pepper, cooking for 1 minute until the spices are fragrant.
Add the kidney beans, tomato puree, and water to the mixture, stirring well to combine all ingredients.
Bring the chili to a gentle boil, then reduce the heat to low and cover the pot.
Simmer for 15-20 minutes, stirring occasionally, until the sauce has thickened and the flavors have fully melded.
Serve warm in a bowl, optionally garnished with fresh herbs if desired.