1. Heat olive oil in a large pot over medium heat. Add chopped onion and garlic, and sauté until softened.
2. Add chopped red and green bell peppers, and cook for another 5 minutes.
3. Stir in diced tomatoes, kidney beans, and vegetable broth.
4. Add chili powder, ground cumin, paprika, salt, and black pepper. Mix well.
5. Bring to a boil, then reduce heat to low and simmer for 30 minutes, stirring occasionally.
6. Serve hot, garnished with your favorite toppings.