Heat olive oil in a large pot or Dutch oven over medium-high heat.
Add the onion and bell pepper, cooking until softened, about 5 minutes.
Stir in the garlic and cook for another minute until fragrant.
Add the chili powder, cumin, smoked paprika, oregano, and cayenne pepper. Stir well to coat the vegetables with spices, cooking for 1 minute.
Add the turkey, both types of beans, crushed tomatoes, diced tomatoes, and broth. Stir everything together.
Bring to a boil, then reduce heat to low and simmer uncovered for 30 minutes, stirring occasionally.
Taste and adjust seasonings with salt and pepper as needed.
Serve hot with your favorite toppings like shredded cheese, sour cream, sliced green onions, and crushed tortilla chips.