Heat the olive oil in a large pot over medium heat.
Add the diced onion and cook until translucent, about 5 minutes.
Add the minced garlic and cook for another minute.
Add the diced red bell pepper and carrots, and cook for 5-7 minutes until they start to soften.
Stir in the corn, diced tomatoes, black beans, and kidney beans.
Add the chili powder, ground cumin, paprika, and salt. Stir to combine.
Pour in the vegetable broth and bring the mixture to a boil.
Reduce the heat to low and let it simmer for 30 minutes, stirring occasionally.
Serve hot and enjoy!