Heat the olive oil in a large pot or Dutch oven over medium heat. Add the chopped onion and bell peppers and cook until softened, about 5-7 minutes.
Add the minced garlic, chili powder, cumin, smoked paprika, oregano, and cayenne pepper (if using). Stir and cook for 1 minute until fragrant.
Pour in the crushed tomatoes, kidney beans, black beans, cooked turkey, and broth. Stir everything together.
Bring the chili to a simmer, then reduce the heat to low, cover, and cook for at least 30 minutes, or up to 1 hour, stirring occasionally. This allows the flavors to meld.
Season with salt and pepper to taste.
Serve hot, with your favorite toppings.
Notes
For a thicker chili, you can mash some of the beans against the side of the pot before simmering, or simmer uncovered for the last 15-20 minutes.
If you have leftover turkey gravy, you can substitute some of the broth with gravy for added richness.
This chili freezes well. Let it cool completely before transferring to airtight containers.