Heat oil in a large pot over medium; cook onion about 5 minutes until translucent.
Add beef; break up with a spoon and brown about 8 minutes. Drain fat if needed.
Stir in garlic, peppers, and jalapenos; cook 5 minutes until peppers begin softening.
Stir in chili powder, cumin, paprika, salt, and pepper; cook 2 minutes until fragrant.
Stir in tomatoes, sauce, broth, and beans thoroughly.
Boil; reduce heat to low, cover, and simmer 1 hour, stirring occasionally.
Uncover; simmer 30 more minutes to thicken. Adjust seasoning; serve with cheese, sour cream, and cornbread.