Heat olive oil in a large pot over medium heat.
Sauté the onion, garlic, and bell pepper until softened, about 5 minutes.
Stir in the chili powder, cumin, and smoked paprika. Cook for 1 minute until fragrant.
Add the black beans, diced tomatoes, and vegetable broth. Stir to combine.
Bring the chili to a simmer, reduce the heat to low, and cook for 20 minutes, stirring occasionally.
Season with salt and pepper to taste. Garnish with cilantro, if desired, and serve hot.