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.
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 let it simmer for 25 to 30 minutes, stirring occasionally.
For a deeper flavor, you can simmer the chili for 3 to 4 hours, adding more liquid (1 cup at a time) if needed. Water can be used for extra liquid.
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. Serve warm.