Heat olive oil in a large pot over medium heat.
Add diced onion, carrots, red and green bell peppers, and jalapeño. Sauté until softened, about 5-7 minutes.
Stir in garlic and tomato paste; cook for 1-2 minutes until fragrant.
Add chili powder, smoked paprika, cumin, oregano, cayenne pepper, salt, and black pepper. Stir to coat the vegetables.
Pour in diced tomatoes, vegetable broth, black beans, and kidney beans.
Bring the chili to a boil, then reduce heat and simmer uncovered for 25-30 minutes, stirring occasionally.
Adjust seasoning as needed and stir in fresh lime juice just before serving.
Garnish with chopped cilantro and serve hot with your favorite sides.