Heat a large pot or Dutch oven over medium-high heat.

Add the ground beef, breaking it apart with a spatula. Cook until browned, about 7-8 minutes. Drain excess fat if desired.

Stir in the diced red bell pepper, green bell pepper, onion, and minced garlic. Sauté for 5 minutes until vegetables soften.

Add chili powder, cumin, smoked paprika, salt, and black pepper. Stir to coat the meat and vegetables, cooking for 1 minute until fragrant.

Pour in the crushed tomatoes, tomato paste, and beef broth. Stir well to combine.

Bring the mixture to a simmer. Reduce heat to low, cover, and let it stew for 30-40 minutes, stirring occasionally.

Garnish with red chili slices and fresh cilantro before serving.