Heat olive oil in a large pot over medium heat.
Add diced onion and cook until translucent, about 5 minutes.
Add minced garlic and cook for another minute.
Add diced bell peppers and cook until softened, about 5 minutes.
Add crumbled vegan chorizo and cook for 3-4 minutes.
Stir in diced tomatoes, black beans, kidney beans, chili powder, cumin, and paprika.
Add vegetable broth and bring to a simmer.
Reduce heat to low and let simmer for 30 minutes, stirring occasionally.
Season with salt and pepper to taste before serving.