Heat the olive oil in a pot over medium-high heat. Add the meat and brown it, breaking it apart as it cooks. Once it's browned, add the tomato paste and stir to coat the beef evenly.
Add the onion, peppers, garlic, jalapenos, tomato sauce, and broth. Stir and bring the chili to a simmer. Adjust the heat to medium-low to low and cover the pot with a lid. Simmer the chili for about an hour. The chili should barely bubble as it cooks.
Remove the lid and stir in the black beans. Adjust the heat to medium and simmer the chili, uncovered, for 10 to 15 minutes or until it's thickened to your liking. Stir in the cilantro and lime juice before serving it.
Notes
This recipe is versatile—you can switch up the beans, use ground turkey instead of beef, or try different bell peppers. Sometimes, I substitute diced green chiles for the jalapenos.You can add your favorite chili toppings, like sour cream, shredded cheese, crushed tortilla chips, diced avocado, or whatever else you like!The chili keeps well in the refrigerator for three to four days. You can also freeze it for several months.