Heat olive oil in a large pot or Dutch oven over medium-high heat. Add ground turkey and cook for 8-10 minutes using a wooden spoon to break it up, until browned and cooked through.
Add diced onion and bell pepper to the pot. Cook for 5 minutes, stirring occasionally with wooden spoon, until vegetables soften.
Add minced garlic and cook for 1 minute until fragrant, stirring constantly.
Stir in chili powder, cumin, smoked paprika, oregano, cayenne, salt, pepper, and brown sugar. Cook for 1 minute to toast spices, stirring constantly.
Add crushed tomatoes, diced tomatoes with juices, chicken broth, tomato paste, kidney beans, and black beans. Stir well with wooden spoon to combine everything.
Bring to a boil, then reduce heat to low. Cover and simmer for 30-40 minutes, stirring occasionally, until chili thickens and flavors meld. The longer it simmers, the better it tastes.
Taste and adjust seasoning with more salt, pepper, or chili powder if needed. Remove from heat.
For meal prep: Let chili cool completely on cutting board, then portion into meal prep containers or freezer-safe containers (2 cup servings). Refrigerate for up to 5 days or freeze for up to 3 months.
To serve: Reheat in microwave or on stovetop. Add a splash of water or broth if too thick. Top with shredded cheese, sour cream, green onions, cilantro, and serve with tortilla chips.