Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and bell pepper to the pot. Sauté for about 5 minutes, or until the onion is translucent.
Stir in the minced garlic and cook for an additional minute until fragrant.
Add the diced butternut squash, diced tomatoes (with juices), black beans, kidney beans, vegetable broth, cumin, chili powder, paprika, salt, and black pepper. Stir well to combine.
Bring the mixture to a boil. Once boiling, reduce the heat to low and cover the pot. Let it simmer for about 20-25 minutes or until the butternut squash is tender.
Taste and adjust seasoning if necessary.
Serve hot, garnished with your choice of optional toppings.