Heat the olive oil in a large pot over medium heat. Add the chopped onion and bell pepper, sautéing until soft, about 5 minutes.
Add the minced garlic and cook for another minute until fragrant.
Increase the heat to medium-high and add the ground turkey. Cook until browned, breaking it up with a wooden spoon, about 5-7 minutes.
Stir in the diced tomatoes, kidney beans, black beans, chicken broth, chili powder, cumin, paprika, salt, and pepper. Bring the mixture to a boil.
Once boiling, reduce the heat to low, cover, and let the chili simmer for 20 minutes, stirring occasionally.
Taste and adjust seasoning if needed. If you prefer a thicker chili, simmer uncovered for an additional 5-10 minutes.
Serve hot, topped with your choice of shredded cheese, sour cream, or cilantro.