Heat olive oil in a large pot over medium heat. Add diced onion and cook until translucent, about 5 minutes.
Add ground beef and cook until browned, breaking it apart with a spoon, about 8 minutes. Drain excess fat if needed.
Stir in minced garlic, diced bell peppers, and jalapenos. Cook for 5 minutes until peppers begin to soften.
Add chili powder, cumin, paprika, salt, and black pepper. Stir well and cook for 2 minutes until spices are fragrant.
Pour in crushed tomatoes, tomato sauce, beef broth, and pinto beans. Stir everything together thoroughly.
Bring to a boil, then reduce heat to low and simmer covered for 1 hour, stirring occasionally.
Remove lid and simmer for an additional 30 minutes to thicken. Taste and adjust seasonings before serving with shredded cheese, sour cream, and cornbread.