In a large pot or Dutch oven, heat olive oil over medium-high heat. Add the cubed sirloin steak and sauté until browned on all sides, about 5-7 minutes. Remove the steak and set it aside.
In the same pot, add diced onion and cook for 3-4 minutes until softened. Stir in the minced garlic and cook for an additional 30 seconds until fragrant.
Add the diced red and green bell peppers, along with the minced jalapeños. Sauté for another 5 minutes until the peppers are tender.
Return the browned steak to the pot. Add the diced tomatoes, kidney beans, and black beans. Stir in the chili powder, cumin, smoked paprika, cayenne pepper, salt, and pepper.
Pour in the beef broth and bring the mixture to a boil. Once boiling, reduce the heat to low, cover, and let it simmer for 30-40 minutes, stirring occasionally.
After simmering, taste and adjust seasoning, adding more salt, pepper, or cayenne pepper for heat if desired.
Serve hot, garnished with chopped cilantro, a dollop of sour cream, and a sprinkle of shredded cheese if you like.
Notes
Adjust the heat by adding more jalapeños or cayenne pepper to taste.