Heat olive oil in a large dutch oven over medium high heat. Toss in bell peppers & onion, then season with salt & pepper.
Sauté the veggies over medium heat until they become soft & translucent, about 10 minutes. Stirring occasionally.
Once the veggies have become soft, add the ground beef & season with salt & pepper once more. Cook the beef until it becomes brown & you can no longer see any pink, breaking it up with a wooden spoon as you go.
Add chili powder, dried oregano & basil. Stir to combine & cook until fragrant, about 2 minutes.
Next, add the beans & their liquid, crushed tomatoes, tomato sauce & tomato paste. Stir to make sure everything is combined & tomato paste has disbursed into the mixture.
Bring the whole mixture to a boil. Once the chili has reached a boil, lower the heat to simmer & cook, uncovered for 1 hour, stirring every 20 minutes to ensure everything cooks evenly.
After the hour is up you can serve the chili immediately, or it can continue cooking, covered, for another hour to deepen the flavor.
Serve up with your favorite toppings & enjoy!