Heat olive oil in a large Dutch oven over medium-high heat.
Add ground beef, season with salt and pepper, and cook until browned, breaking it up with a wooden spoon.
Stir in diced yellow onion, green bell pepper, and minced garlic; cook for 4 minutes until vegetables soften.
Mix in chili powder, ground cumin, dried oregano, smoked paprika, and tomato paste; cook and stir for 3 minutes.
Add diced fire roasted tomatoes with their juice and beef broth; scrape up any browned bits from the pot bottom.
Add bay leaf and bring chili to a steady simmer; reduce heat and simmer for 25 to 30 minutes, stirring occasionally.
(Optional) For deeper flavor, simmer for an additional 3 to 4 hours, adding liquid as needed.
Remove bay leaf; taste and adjust salt and pepper.
Serve hot in bowls and garnish with shredded cheddar cheese, sliced jalapenos, sour cream, and chopped cilantro.