Heat olive oil in a large pot over medium heat. Add onions and garlic, and cook for 3–4 minutes until softened.
Add ground turkey, break it up with a spoon, and cook until no pink remains.
Add diced red and green bell peppers. Cook 3–5 minutes until slightly tender.
Stir in chili powder, cumin, smoked paprika, and cayenne. Mix well to coat turkey and veggies.
Add black beans, kidney beans, diced tomatoes, tomato paste, and chicken broth. Stir until combined.
Bring to a boil, then reduce heat and simmer for 25–30 minutes. Stir occasionally.
Taste and adjust seasoning with salt, pepper, or extra spices if desired.
Serve hot, garnished with fresh cilantro. Optional: add a wedge of lime or a dollop of Greek yogurt.