01 - Heat olive oil in a large pot or Dutch oven over medium-high heat. Add ground beef and cook, breaking it apart with a wooden spoon, until browned completely, approximately 6 to 8 minutes.
02 - Add diced onion, minced garlic, and diced red and green bell peppers to the pot. Sauté until vegetables are softened, about 5 minutes.
03 - Stir in tomato paste, chili powder, ground cumin, smoked paprika, cayenne pepper, salt, and black pepper. Cook for 2 minutes to bloom the spices and develop flavor.
04 - Add diced tomatoes with their juice, drained kidney beans, drained black beans, and beef broth. Stir thoroughly to combine, bring to a boil, then reduce heat to low. Simmer uncovered for 45 minutes, stirring occasionally.
05 - Preheat oven to 400°F. Grease an 8-inch square baking dish with butter or cooking spray.
06 - In a large mixing bowl, whisk together cornmeal, all-purpose flour, granulated sugar, baking powder, and salt until well blended.
07 - In a separate bowl, whisk together whole milk, eggs, and melted unsalted butter until combined.
08 - Pour wet ingredients into dry ingredients. Stir gently until just combined, being careful not to overmix.
09 - Pour batter into prepared baking dish. Bake for 20 to 25 minutes, or until golden brown on top and a toothpick inserted into the center comes out clean.
10 - Taste chili and adjust seasoning with additional salt or pepper if needed. Serve hot chili alongside warm slices of cornbread.