In a large pot or Dutch oven, heat the olive oil over medium heat. Add the chopped onion and garlic, and sauté for about 3-4 minutes, until translucent.
Add the ground turkey to the pot. Cook until browned, breaking it apart with a wooden spoon, about 5-7 minutes.
Stir in the diced bell pepper, chili powder, cumin, smoked paprika, salt, and pepper. Cook for 2 minutes to allow the spices to bloom.
Add the diced tomatoes (with juices), kidney beans, black beans, and chicken broth. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low and let simmer for 20 minutes. Stir occasionally to prevent sticking.
Taste the chili and adjust seasoning with more salt and pepper as desired.
Serve hot, garnished with optional toppings if desired.