Heat the olive oil in a Dutch oven over medium-high heat.
Add the ground beef, season with salt and pepper, and cook until browned, breaking it up with a wooden spoon as it cooks.
Stir in the onions, bell pepper, and garlic. Cook for about 4 minutes, or until the vegetables are softened.
Add the chili powder, cumin, dried oregano, and smoked paprika, stirring to coat the meat evenly.
Stir in the tomato paste and cook for 3 minutes, allowing the flavors to deepen.
Add the diced fire-roasted tomatoes and stir to combine.
Pour in the beef broth, scraping up any browned bits from the bottom of the pot.
Drop in 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.
Optional: For a deeper flavor, allow the chili to cook for 3 to 4 hours, adding extra liquid (1 cup at a time) as needed. Water can be used for additional liquid if necessary.
Remove from heat, discard the bay leaf, and adjust seasoning with salt and pepper as needed.
Ladle into bowls and garnish with shredded cheddar cheese, jalapeƱos, sour cream, and chopped cilantro. Serve warm.