In a large pot, heat olive oil over medium heat.
Add diced onions and garlic, cooking until softened.
Add ground beef, breaking it apart as it browns.
Drain excess grease and stir in chili powder, cumin, paprika, and cayenne pepper.
Pour in diced tomatoes, tomato sauce, and beef broth. Stir well.
Add kidney beans and black beans, then season with salt and pepper.
Simmer on low heat for 30-40 minutes, stirring occasionally.
Serve hot with toppings of choice, such as cheese, sour cream, and green onions.