Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the chopped onion and cook for 3-4 minutes until it becomes translucent.
Stir in the minced garlic and cook for an additional minute until fragrant.
Add the ground turkey to the pot. Cook, breaking it up with a spoon, until fully browned (about 5-7 minutes).
Once the turkey is browned, add the diced red and green bell peppers. Cook for another 5 minutes until they begin to soften.
Stir in the diced tomatoes (with juices), black beans, kidney beans, chili powder, cumin, smoked paprika, salt, and black pepper.
Pour in the chicken or vegetable broth and mix well to combine all ingredients.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for 30 minutes, stirring occasionally.
Taste and adjust seasoning if necessary.
Serve hot, garnished with optional toppings like shredded cheese or sour cream if desired.