Heat the extra virgin olive oil in a large pot or Dutch oven over medium-high heat.
Add the diced yellow onion and red bell pepper, sautéing for 5-7 minutes until the vegetables are softened and slightly caramelized.
Add the ground beef to the pot, breaking it into small crumbles with a wooden spoon, and cook until it is fully browned.
Stir in the minced garlic, chili powder, ground cumin, smoked paprika, sea salt, and black pepper, cooking for 1 minute until the spices are fragrant.
Pour in the crushed tomatoes, rinsed 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 the chili for 15-20 minutes, allowing the flavors to meld and the sauce to thicken slightly.
Remove from heat and serve hot in a deep bowl.