Heat the olive oil in a large pot or Dutch oven over medium heat. Add the diced onion and chopped bell peppers. Sauté for about 5 to 7 minutes until the vegetables are softened and the onion is translucent. Add the minced garlic and cook for another minute until fragrant.
Add the ground turkey to the pot. Use a wooden spoon to break the meat into small crumbles. Cook until the turkey is fully browned and no longer pink. If there is excessive fat in the pan, you can drain it at this stage, though lean turkey usually produces very little.
Stir in the chili powder, cumin, smoked paprika, oregano, salt, and pepper. Let the spices toast with the meat and vegetables for about 2 minutes. This “blooming” of the spices helps release their natural oils and creates a more vibrant flavor.
Add the crushed tomatoes, chicken broth, kidney beans, and black beans to the pot. Stir well to combine all the ingredients. Bring the mixture to a gentle boil, then reduce the heat to low. Cover the pot and let it simmer for at least 30 minutes. This allows the flavors to meld together and the chili to thicken.
After simmering, give the chili a taste. Adjust the salt, pepper, or spice levels if necessary. If you prefer a thicker chili, let it simmer uncovered for an additional 10 minutes.