Saute the onions and bell pepper. Add the olive oil to a large pot or Dutch oven set over medium-high heat. Add the onions and cook, stirring often, for 4-6 minutes or until the onions soften and turn translucent. Add the bell pepper and mix well to combine with the onion. Continue to cook over medium heat for an additional 5 minutes, stirring often.
Cook the ground meat. Add the ground meat to the onions, breaking apart the ground beef and turkey into smaller and smaller pieces as it cooks.
Add the aromatics and spices. Once the ground meat is browned and cooked, reduce heat to medium and add the minced garlic to the pot. Cook, stirring continuously, for approximately 1 minute. Add the chili powder, onion powder, dried oregano, paprika, cumin, salt, and sugar, mixing well to combine.
Add the tomatoes. Stir in the tomato paste first, mixing well to thoroughly combine with the onions and ground meat. Cook, stirring continuously for 1-2 minutes before adding the diced tomatoes, tomato sauce, and broth to the pot. Mix well and bring to a simmer.
Add the beans and olives and cook. Add the drained beans and black olives, mix well to combine. Return to a simmer, cover with a lid, and cook for 20-30 minutes, stirring occasionally (add additional broth or water to thin soup if needed).
Stir in the lime juice and fresh cilantro. Add the fresh lime juice and chopped cilantro, if desired. Season with additional salt and pepper, to taste.
Serve. Serve with all of your favorite toppings including crumbled tortilla chips, sliced avocado, green onion, and shredded cheese.