Heat the vegetable oil in a large Dutch oven over medium heat until shimmering.
Add the chopped onions and red bell pepper. Sprinkle in the chili powder, cumin, cayenne pepper, and ½ teaspoon of salt. Cook for about 7 minutes until the vegetables soften.
Stir in the minced garlic and cook for an additional 30 seconds.
Add the ground beef, breaking it up with a spoon. Cook until no longer pink, about 10 minutes.
Mix in the kidney beans, diced tomatoes (with juice), and tomato puree. Stir to combine.
Bring to a simmer, then reduce heat and cover. Let it cook for 45 minutes.
After 45 minutes, remove the lid and let it simmer uncovered for another 45 minutes.
Taste and adjust seasoning with additional salt and pepper if needed.
Serve hot, garnished with cheese and sour cream if desired.
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Notes
Store leftovers in an airtight container in the refrigerator for up to 4 days. Reheat thoroughly before serving.