In a large, heavy-bottomed pot or Dutch oven, heat olive oil over medium-high heat. Add ground beef and turkey. Break apart with spoon and cook until browned, about 8-10 minutes. Drain excess grease.

Add chopped onion and bell peppers to pot with browned meat. Cook, stirring occasionally, until vegetables are softened, about 5-7 minutes.

Add minced garlic and jalapeño peppers to pot. Cook for 1 minute, stirring constantly, until fragrant.

Stir in tomato paste and cook for 2-3 minutes, stirring constantly.

Add chili powder, cumin, smoked paprika, oregano, and cayenne pepper to pot. Stir well to coat meat and vegetables. Cook for 1 minute to bloom spices.

Pour in beef broth, scraping bottom of pot to loosen browned bits.

Stir in diced tomatoes (undrained), black beans, kidney beans, and pinto beans. Bring mixture to a simmer.

Reduce heat to low, cover pot, and simmer for at least 1 hour, or up to 2-3 hours, stirring occasionally.

After simmering, taste chili and season with salt and black pepper. Adjust chili powder or cayenne pepper as needed. If too thick, add more beef broth. If too thin, simmer uncovered longer to reduce liquid.

Ladle into bowls and serve with desired toppings such as shredded cheddar cheese, sour cream, green onions, avocado, or cilantro.