Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and garlic, sautéing for about 3-4 minutes until the onion is translucent.
Add the ground turkey to the pot, breaking it apart with a wooden spoon. Cook until browned, about 5-7 minutes.
Stir in the diced bell pepper and cook for another 3 minutes, allowing it to soften.
Add the diced tomatoes (with juice), kidney beans, black beans, chili powder, cumin, paprika, salt, black pepper, and chicken broth to the pot. Stir well to combine.
Bring the mixture to a boil, then reduce the heat to low and let it simmer uncovered for about 20 minutes, stirring occasionally.
Taste and adjust seasoning if necessary. Prepare any optional toppings.
Serve hot in bowls, adding the optional toppings if desired.