Heat the olive oil in a large pot over medium heat.
Add the chopped onion and cook until translucent, about 5 minutes.
Add the minced garlic and cook for another minute.
Add the chopped red bell pepper and cook for another 5 minutes.
Stir in the corn, black beans, kidney beans, and diced tomatoes.
Add the chili powder, cumin, paprika, and salt. Stir well to combine.
Pour in the vegetable broth and bring the mixture to a boil.
Reduce the heat to low and let it simmer for about 30 minutes, stirring occasionally.
Serve hot and enjoy!