Brown the Beef: Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add the ground beef and cook, breaking it up with a spoon, until browned on all sides. Drain off any excess grease and transfer the beef to a plate, leaving a small amount of fat in the pot.
Sauté Aromatics: Add the chopped onion to the pot and cook until softened, about 5-7 minutes. Stir in the minced garlic and cook for another minute until fragrant. Do not burn the garlic.
Add Spices: Return the browned beef to the pot. Stir in the chili powder, ground cumin, smoked paprika, cayenne pepper, dried oregano, salt, and black pepper. Cook for 1-2 minutes, stirring constantly, to toast the spices and enhance their flavor.
Combine Wet Ingredients: Pour in the crushed tomatoes, tomato sauce, and beef broth. Stir well to combine all ingredients, scraping up any browned bits from the bottom of the pot. Bring the mixture to a gentle simmer.
Add Beans and Simmer: Stir in the drained and rinsed kidney beans and pinto beans. Reduce the heat to low, cover the pot, and let the Chili Con Carne simmer for at least 1 hour, or preferably 2-3 hours, stirring occasionally. The longer it simmers, the more the flavors will develop and meld together.
Taste and Adjust: After simmering, taste the chili and adjust seasonings as needed. You might want to add more salt, pepper, or a pinch more cayenne for extra heat. A touch of sugar can balance the acidity of the tomatoes if desired.
Serve Warm: Ladle the hot Chili Con Carne into bowls and serve with your favorite toppings such as shredded cheddar cheese, a dollop of sour cream, fresh cilantro, or diced avocado. Enjoy with corn chips or warm cornbread.