01 - Heat olive oil in a large Dutch oven or heavy pot over medium-high heat. Add beef cubes in batches, searing until browned on all sides. Transfer browned beef to a plate and set aside.
02 - In the same pot, add chopped onion, bell peppers, and jalapeño. Sauté for 4–5 minutes until softened. Stir in garlic and cook for 1 minute until fragrant.
03 - Add tomato paste, chili powder, cumin, smoked paprika, oregano, cayenne, salt, and black pepper. Cook for 1 minute, stirring constantly to bloom the spices and deepen their flavor.
04 - Return the browned beef to the pot. Pour in the crushed tomatoes, beef broth, and Worcestershire sauce. Stir to combine and bring to a gentle simmer.
05 - Cover the pot and simmer over low heat for 90 minutes, stirring occasionally, until the beef is fork-tender and the flavors have melded.
06 - Stir in the drained kidney beans and black beans. Simmer uncovered for 20–30 minutes to thicken the stew and allow the beans to absorb the surrounding flavors.
07 - Taste and adjust seasoning with additional salt or chili powder as needed. Ladle into bowls and serve hot, garnished with fresh cilantro, sour cream, or shredded cheese if desired.