Place a medium heavy-bottomed pot over medium-high heat and add the extra virgin olive oil.
Once the oil is shimmering, add the finely diced yellow onion and green bell pepper, sautéing for 4-5 minutes until softened and the onion is translucent.
Add the lean ground beef to the pot, using a wooden spoon to break it into small crumbles, and cook until it is completely browned and no pink remains.
Stir in the chili powder, smoked paprika, ground cumin, garlic powder, sea salt, and black pepper, toasting the spices with the meat for 60 seconds until highly fragrant.
Pour in the tomato puree, water, and the rinsed kidney beans, stirring thoroughly to incorporate all the browned bits from the bottom of the pot.
Bring the chili to a light boil, then immediately reduce the heat to low and cover with a lid.
Simmer the chili for 15-20 minutes, allowing the sauce to thicken and the flavors to fully develop.
Remove from heat and serve immediately in a deep bowl while steaming hot.