Step 1: Heat 1 tablespoon of olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add the ground beef, breaking it up with a spoon. Cook until thoroughly browned, about 8-10 minutes. Drain any excess grease, leaving just a tablespoon or two for flavor. Transfer the browned beef to a separate bowl.
Step 2: Reduce the heat to medium. Add the remaining 1 tablespoon of olive oil to the pot. Add the chopped onion and cook until softened and translucent, about 5-7 minutes. Stir in the minced garlic, cooking for another minute until fragrant.
Step 3: Add the chili powder, cumin, smoked paprika, dried oregano, and cayenne pepper (if using) to the pot. Cook, stirring constantly, for 1 minute until fragrant. This ‘blooming’ of spices intensifies their flavor.
Step 4: Stir in the tomato paste and cook for 2-3 minutes, stirring frequently, allowing it to slightly caramelize. This enhances its sweetness and depth.
Step 5: Deglaze the pot with the beef broth, scraping up any browned bits from the bottom with a wooden spoon. Add the diced tomatoes (undrained), tomato sauce, kidney beans (drained and rinsed), pinto beans (drained and rinsed), and the browned ground beef back to the pot.
Step 6: Stir in the bay leaf, salt, and black pepper. Bring the chili to a simmer, then reduce the heat to low, cover, and let it cook for at least 2 hours, or up to 3 hours, stirring occasionally. The longer it simmers, the more the flavors will develop.
Step 7: After simmering, remove the bay leaf. Taste the chili and adjust seasonings as needed. You may add the optional dark chocolate or cocoa powder at this stage for deeper color and complexity.
Step 8: Serve hot with your favorite toppings such as shredded cheese, sour cream, chopped green onions, and fresh cilantro. Enjoy!