Brown the Meat:
Heat the olive oil in a large pot over medium-high heat. Add the ground beef and ground pork, cooking until browned. Break up the meat with a spoon while it cooks. Remove any excess fat.
Sauté the Vegetables:
Add the chopped onion, bell pepper, and minced garlic to the pot. Sauté for 3-4 minutes, until softened and fragrant.
Add the Seasonings:
Stir in the chili powder, cumin, smoked paprika, cayenne pepper (if using), oregano, salt, and pepper. Cook for 1 minute to let the spices bloom.
Add the Tomatoes and Broth:
Stir in the diced tomatoes, tomato paste, and beef broth. Add the brown sugar to balance the acidity, if desired. Bring the mixture to a simmer.
Simmer the Chili:
Reduce the heat and let the chili simmer uncovered for 30-40 minutes, stirring occasionally, until it thickens to your desired consistency.
Add the Beans:
Stir in the kidney beans and black beans, and continue to cook for an additional 10-15 minutes until the beans are heated through.
Taste and Adjust:
Taste the chili and adjust the seasoning, adding more salt, pepper, or chili powder to your liking.
Serve:
Ladle the chili into bowls and garnish with fresh cilantro or green onions. Top with sour cream or shredded cheese, if desired.