Brown the Beef: Heat the olive oil in a large pot or Dutch oven over medium heat. Add the ground beef and cook until browned, about 5-7 minutes. Drain off any excess fat.

Sauté the Vegetables: Add the diced onion, bell pepper, and minced garlic to the pot. Cook until the vegetables are softened, about 5 minutes.

Add the Spices: Stir in the chili powder, cumin, paprika, salt, black pepper, and cayenne pepper (if using). Cook for 1 minute, stirring constantly to combine the spices with the vegetables.

Add the Remaining Ingredients: Add the diced potatoes, kidney beans, diced tomatoes, tomato sauce, and beef broth. Stir well to combine.

Simmer the Chili: Bring the mixture to a boil, then reduce the heat to low. Cover the pot and let the chili simmer for 1 hour, stirring occasionally. This will allow the flavors to meld together and the potatoes to become tender.

Adjust Seasoning: Taste the chili and adjust the seasoning if needed. Add more salt, pepper, or cayenne pepper to suit your preferences.

Serve: Ladle the chili into bowls and top with your favorite toppings, such as shredded cheese, sour cream, green onions, or avocado.