Heat the extra virgin olive oil in a medium pot over medium-high heat.
Add the diced yellow onion and green bell pepper to the pot and sauté for 4-5 minutes until the vegetables are softened.
Add the lean ground beef to the pot, breaking it apart with a wooden spoon, and cook until browned and no longer pink.
Stir in the chili powder, smoked paprika, ground cumin, garlic powder, sea salt, and black pepper, toasting the spices for 1 minute to release their aroma.
Pour in the diced tomatoes, rinsed kidney beans, and water, stirring well to combine.
Bring the mixture to a gentle simmer, then reduce the heat to low and cover the pot with a lid.
Allow the chili to simmer for 15-20 minutes, stirring occasionally, to let the smoky flavors develop and the sauce thicken.
Remove from heat and serve hot in a deep bowl.