Heat the 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 5 minutes until the vegetables are tender.
Add the ground beef, breaking it into small crumbles with a wooden spoon, and cook until no longer pink.
Stir in the smoked paprika, ground cumin, garlic powder, sea salt, and black pepper to evenly coat the beef and vegetables.
Pour in the tomato puree, rinsed kidney beans, and water, stirring well to combine.
Bring the chili to a light boil, then reduce the heat to low and cover the pot.
Simmer for 15 to 20 minutes to allow the smoky flavors to fully develop before serving.