Heat olive oil in a large sauce pan over medium-high heat.
Add bell pepper, onion, and jalapenos.
Place the ground beef in the pot and break up with a spoon.
Cook, stirring occasionally, until beef is browned, about 5 minutes.
Mix in garlic and cook until fragrant, about 30 seconds.
Drain fat from pan.
Pour in beef broth, diced tomatoes, tomato paste, chili powder, salt, red pepper flakes, black pepper, and cayenne pepper. Mix well.
Bring chili to a boil and then reduce heat to medium low.
Let simmer, stirring occasionally, 20 minutes.
Remove from heat and serve.