Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat.
Add the ground turkey to the pot and cook, breaking it into small crumbles with a spatula, until fully browned and no pink remains (approximately 7-8 minutes).
Add the diced onion, green bell pepper, and red bell pepper to the turkey; sauté for 5 to 6 minutes until the vegetables have softened.
Incorporate the minced garlic, chili powder, cumin, oregano, smoked paprika, salt, and black pepper; cook for 60 seconds until the spices become fragrant.
Stir in the crushed tomatoes, tomato sauce, rinsed kidney beans, black beans, and chicken broth.
Bring the mixture to a steady boil, then immediately reduce the heat to low.
Cover the pot and simmer for 30 to 45 minutes, stirring occasionally to integrate flavors and prevent bottom scorching.
Taste and adjust seasoning if necessary before serving hot.