1. Heat olive oil in a large pot over medium heat. Add diced onion and garlic, sautéing until softened.
2. Add ground beef to the pot, cooking and breaking it up until browned. Drain any excess fat.
3. Stir in tomato paste, chili powder, cumin, paprika, and cayenne pepper. Cook for 1-2 minutes until fragrant.
4. Add diced tomatoes, kidney beans, and beef broth. Bring to a boil, then reduce heat and simmer uncovered for 30-40 minutes, stirring occasionally.
5. Season with salt and black pepper to taste. Adjust spice level as desired.
6. Serve hot with your favorite toppings like shredded cheese, sour cream, or chopped parsley.