01 - Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Working in batches to avoid crowding, add the beef cubes and sear until deeply browned on all sides, approximately 3 to 4 minutes per batch. Transfer the browned beef to a plate and set aside.
02 - In the same pot, add the chopped onion, diced bell peppers, and minced jalapeño. Sauté for 4 to 5 minutes until the vegetables have softened and the onions turn translucent. Stir in the minced garlic and cook for an additional 1 minute until fragrant.
03 - Add the tomato paste, chili powder, ground cumin, smoked paprika, dried oregano, cayenne pepper, salt, and black pepper to the pot. Stir constantly and cook for 1 minute to toast the spices and deepen their flavor.
04 - Return the seared beef and any accumulated juices back to the pot. Pour in the crushed tomatoes, beef broth, and Worcestershire sauce. Stir to combine and bring the mixture to a gentle simmer.
05 - Cover the pot with a lid and reduce the heat to low. Simmer for 90 minutes, stirring occasionally to prevent sticking, until the beef is fork-tender and the flavors have melded.
06 - Stir in the drained kidney beans and black beans. Remove the lid and continue simmering uncovered for 20 to 30 minutes, allowing the stew to thicken and the bean flavors to integrate.
07 - Taste the stew and adjust seasoning with additional salt, pepper, or chili powder as desired. Ladle into bowls and serve hot. Garnish with fresh cilantro, sour cream, or shredded cheese if desired. Pairs well with cornbread, steamed rice, or tortilla chips.