Heat the olive oil in a Dutch oven over medium-high heat.
Add the ground beef to the hot oil, season with salt and pepper, and cook until browned, breaking it up with a wooden spoon as it cooks.
Once the beef is browned, stir in the onions, bell pepper, and garlic. Cook for about 4 minutes, or until the veggies are softened.
Stir in the chili powder, cumin, dried oregano, and smoked paprika.
Add the tomato paste, stir to combine, and cook for 3 minutes to develop flavor.
Stir in the diced fire-roasted tomatoes.
Pour in the beef broth, scraping up any browned bits from the bottom of the pot.
Add the bay leaf and bring the chili to a steady simmer. Reduce the heat and continue to simmer for 25 to 30 minutes, stirring occasionally.
Optional: For a richer flavor, you can let the chili cook for 3 to 4 hours, adding more liquid (1 cup at a time) as needed. Water can be used if extra liquid is required.
Remove from heat, discard the bay leaf, and taste for salt and pepper. Adjust seasoning as needed.
Ladle the chili into bowls and garnish with shredded cheddar cheese, jalapeƱos, sour cream, and chopped cilantro.