Heat the vegetable oil in a large stockpot over medium-high heat.
Add the diced onions and cook until softened, about 5 minutes, then add garlic and cook for 1 minute until fragrant.
Add the cayenne pepper, chili powder, cumin, smoked paprika, and black pepper to the pot and stir constantly for 1 minute to bloom the spices.
Add the ground beef, breaking it up with a wooden spoon, and cook until browned completely, about 8-10 minutes.
Stir in the tomato paste and cook for 2 minutes.
Add the crushed tomatoes, kidney beans, beef broth, and salt, stirring to combine everything well.
Bring the chili to a boil, then reduce heat to low and simmer uncovered for 75 minutes, stirring occasionally.
Taste and adjust seasonings as needed before serving with your favorite toppings.