In a large pot, brown one pound of lean ground beef on medium heat over the stove until it begins to brown.
Add the frozen diced onion, frozen bell peppers, and minced garlic to the pot.
Cook until the ground beef is fully cooked and the vegetables are tender, about 5-7 minutes.
Add the drained and rinsed kidney and black beans and the can of diced tomatoes, tomato paste, and chili beans (undrained). Stir to combine.
Pour in the cup of water, then add the chili powder, ground cumin, paprika, salt, and black pepper. Stir to combine all ingredients. Season with more salt and pepper to taste.
Bring the chili to a simmer in the pot over medium-high heat. Let it cook on the stovetop for 20-30 minutes, stirring occasionally. This will allow all the flavors and spices to meld together.
Ladle the cooked chili into bowls and add your favorite southwest toppings, such as shredded cheese, sour cream, green onions, or jalapenos.