To a large pot over medium heat, add the olive oil and unsalted butter. Once the butter is melted, add the diced red bell pepper, jalapeño, and garlic. Saute for 2 to 3 minutes.
Then add the ground beef to the pot along with the chili powder, smoked paprika, cumin, coriander, oregano, salt, black pepper, onion powder, and cayenne powder. Break up the ground beef as it cooks and brown it for a few minutes.
Once the ground beef is cooked, add the beef broth, brown sugar, roasted diced tomatoes, tomato sauce, and Worcestershire sauce. Mix all together, bring to a boil, then drop the heat, cover, and let it simmer for 35 to 45 minutes.
After that, take off the lid and add the beans. Mix and cover again to cook for 20 to 30 minutes.
Finish off by adding the cilantro and mixing together. Taste and adjust anything to your liking!
Serve in a bowl and optional to garnish with green onions, sour cream, cheddar cheese, bacon, or more cilantro. You can also add a squeeze of lime on top and dip some corn chips to enjoy!